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Nelson., there is no liability as it was already highlighted for the September / October $4M fund raise, that this would provide injections for October and November only [$0.5M/month].
That then suggests you could put a timeframe on possible engineering hiccups with GGS, when the company then failed to continue with injections for December. And then talked of further fund raises, with ‘engineering consultants’ being inferred. A spoof perhaps, IF the theory of BH taking 99% control is to be believed. But engineering hiccups have been rife, since day 1 of AM’s arrival.
Guessing that once the injections stopped, is then the point at which the SL threatened to go to administration.
I’m not convinced either that Trujack’s TG friend has got #1 correct, as thought that the report then belongs to the client.. The rest of his/her responses are sound.
“.. No brain,no body,and no money..” which could just as easily apply to the legal team that supported RBM posting his list of extremely naive questions on this bb..
Guessing if Anavio do get their placing accepted, I suspect they will likely then immediately back the $2.5M payment to COPL with the second $2.5M from exercising the warrants, as this then saves any waiting on further raises, or the earlier requested $10M that they were looking at raising.
$5M on engineering consultants but it then gives a 66% holding of Copl to Anavio…. Prior to any further bond conversions &/or their interest fee payments. V.likely imv.
But can they rinse 2.6B shares at equal to or greater than 0.15p and Surely not even this bb’s long suffering peeps are daft enough to go down that route again ?
Or the initial $2.5M placing, could perhaps be used as a ‘loss-leader’ to enable rinsing the remaining 107 bonds. But again that sounds remote considering how peeved their core shareholders are.
Should be an interesting week.
From the file it could then perhaps be deduced that UK shareholders taking over the 100% equity raise, might just run into a few hiccups with the CSE security checks and that expecting a quick clearance certificate might not be feasible.
A joint effort then needed with Anavio.
CALGARY, AB, Jan. 12, 2024 /CNW/ - Canadian Overseas Petroleum Limited (the "Company") (CSE: XOP) (LSE: COPL)
announces that is has requested exemptions under Policy 4, Corporate Governance, Security Holder Approvals and Miscellaneous Provisions ("Policy 4") of the Canadian Securities Exchange (the "CSE") with respect to the requirement for security holder approval of an offering.
In relation to the offering announced on December 29, 2023 (the "Offering"), the Company under Policy 4 of the CSE, is required to hold a security holder vote on the Offering due to the Offering including a number of issuable securities that is more than 100% of the currently outstanding securities, unless the Company qualifies for exemptions under Policy 4.
The Company satisfies the majority of the these requirements for an exemption as the Company is in serious financial difficulty, the Company has reached an agreement to complete the Offering and the independent directors of the board of directors have determined that the Offering is in the best interests of the Company, is reasonable in the circumstances and that it is not feasible to obtain security holder approval or complete a rights offering to existing security holders on the same terms as the Offering. The Company is, however, requesting an exemption from the application of Policy 4 as a "Related Person", as defined therein, is participating in the Offering and from the requirement to issue a news release five days in advance of the Offering, with the scheduled closing of the Offering being early next week.
The Company is requesting these exemptions from Policy 4 on the basis of the serious financial difficulty facing the Company at this time, as outlined in previous news releases and public disclosure..”
Was filed on the CSE last night by COPL primarily to get exempt from additional security screening (as greater than 100% equity planned) but in the small print was any additional funding being processed quicker. I immediately then thought that the earlier quoted $10M was perhaps needed quickly. On any possible engineering mods.
I thought last night’s filed CSE Form 4 was in part aimed at getting an increased raise eg. the previously mentioned $10M pushed through quicker, without the usual 5 day press release requirement..
I would factor in a ‘goodwill gesture’ from Anavio as (A) they’ve already done it twice, with the last being in October when the $4M placing was then done at a 30% premium to the sp & (B) as this could easily go to administration.
The peeved off Pi’s having already taken a massive loss, would likely throw in the towel & maybe lean on the judge to get him to throw the case out.
Then would be a chapter 7 fire sale which might only see SL with some returns. A fire-sale in today’s climate ? Not good. So guessing that Anavio will throw a sweetner or two.
Thanks Stas, you are then suggesting that the loss of JV & poor field / poor GGS performance then lies in management under-hand tactics. And that the route to reap the reward of such tactics was then through administration ? Then a future take-over by management hence the need for unblemished records. That though is a fairly hefty risk that Anavio are taking on. They already had access to almost 60+% of the fully diluted equity last year in Q2 and so now, they have ‘throttled back’ on JV &/or GGS to presumably gain an extra 20% or so, whilst AM & Cowan pick up say, 10% each ? It’s original bud.
I posted recently on here the email reply I received from AM c.12 months or so ago, in which I highlighted that I thought he was a strong believer in the project, as per his ‘heartfelt’ [IMO] statement that ‘..no one else could have overcome the problems encountered..’ [in response to my suggestion he put young Liz in charge]. IMV this was a man who believed he could conquer but then failed. For me the major failures are inclusive of hands-on engineering in addition to a lack of responsibility with Pi’s & ii’s (eg. Hadron). So the probability imv is that Anavio have finally awoken, hence bod reshuffle.
I get what you are saying about the need for a ‘clean’ history & of possible future projects. I wouldn’t put it past AM as I suspect he lives for the O&G game & even when at 70+ years of age, that’s nothing to the big oil players.
What’s your interpretation Stas of Cowan stepping aside ? Can see that AM got removed just as the JV was nearing to conclusion and that Cowan was then installed to finalise the deal. That then went south and so Cowan removed himself from the negotiating table. As much as the LTH are trying to blame Anavio, they were up until September offering better terms IF the JV was pulled off.
Now the company has burned thru the October $4M whilst being committed to the gas injection for October & November at c.$500K/month. Now the pennies appear to be directed towards independent engineering consultants..
So all the numerous multiple screw-ups that have occurred since inception of Atomic in December 2020 are all down to Anavio ???
TW knows exactly what the core problem is here :
that AM’s sheer incompetence is sadly not an illegal act.
‘.. who the ‘related’ person/s is..’
I think you’l find that ‘related’ is in a security context ie. that it is the same holder/s which likely are mostly Anavio and that they already had the security clearances. Now the proposal is that shares get issued which are greater than 100% of the current holdings, such that whoever then takes the new shares then has greater than 50% hold over the company, hence the security clearance needed and that the new equity goes to an already ‘related’ outlet..
Can’t deduce much from the meeting other than there wasn’t a significant rush to sell on Friday morning…
Hopefully you recover soon Gordon. Do you remember last July/ August & AMTE crashed at c.3p and you then posted ‘thats ballsy’ in comment to a wild £10k punt ? News of a possible equity raise then came thru & sp hit 12p. Was indeed a wee bit ballsy & so was similar again yesterday.
Last time Anavio changed the metrics on an equity raise, they then did it at a 30% premium to the sp. Just saying…
Some cultures consider it to be a good omen if a bird craps on your head. Which is what the darned pigeon then did from c.200’ above, when it got stopped mid-flight by the pressure wave from the car bomb further up the street in Pristina, Kosovo. A pint in the nearby Kukri Bar diluted any residues.
See that Copl’s filed for a request last night for exemptions under CSE Policy 4, which covers companies who seek a greater than 100% share dilution. Which normally is inclusive that existing shareholder's get offered the same rate (0.15p).
Expecting the exemptions to be given despite the numerous correspondence to the regulators enquiring of Copl’s legitimacy in certain proceedings, courtesy of the known financial distress.
I took it as a positive Stas as the SAG (?!) chaps/chappesses were very likely tied into confidentiality agreements.
Then deemed it as worth a ‘wild’ flutter after seeing strong buying all day and then some support at 0.1p
Had suspected that if it was dead in the water, then would have expected to see a lot more selling.. as word got passed via the grapevine, so to speak.
Was then 7 significant sells throughout the day & hopefully this was the last of the recent Atlas (till next week!).
Guessing your reps are effectively now under ‘house-arrest’ ?
I stand corrected Steve. Cheers.
With your earlier point though I’d once again disagree (wild triple-shot sessions at costa!) :
As I reckon, THE big problem was simply ego and greed.
Had he stayed at 57% then the 2023 field development costs,
Jan $4M + Mar $14.8M + Sept $3M
would have been obtained at a far higher sp and with only 57% reqd.
Which I reckon would then have been survivable.
It’s perhaps a similar problem to us Pi’s. I know I have been guilty on several wild occasions.
Steve, that’s a no.
COPL only paid c.$19M for Cuda.
Cuda’s debts of c.$70M were then lost to its creditors.
Always thought it was a bad move on AM’s part, having Cuda’s creditors take such a massive loss..