Firering Strategic Minerals: From explorer to producer. Watch the video here.
RBM - some still haven’t had the first stage email acknowledgment. Is that what you’re referring to? Thanks
Thanks RBM. Can you please also advise whether Mr Cotter’s team are still working their way through all the applications, as not all have received acknowledgment emails yet. Thanks for your help.
Looks like he bought on the open market, not via the placing.
Are we absolutely sure there was a JVP? If they can BS about one thing, they could have about other things.
Https://ceo.ca/@newswire/canadian-overseas-petroleum-limited-order-granted
$135m to cause concern and help drive the SP down for shorters?
New KSV docs including creditor list:
https://www.ksvadvisory.com/docs/default-source/insolvency-case-documents/canadian-overseas-petroleum/ccaa-proceedings/notices/copl---creditor-listing.pdf?sfvrsn=9ba15ea4_5
The docs say they did 2 months of $500k NGL but it didn’t really make a difference so they stopped.
London, United Kingdom; Calgary, Canada: 11 March, 2024 – Canadian Overseas Petroleum Limited (“COPL” or the “Company”) (XOP: CSE) & (COPL: LSE) announced that the previously disclosed initial order (the “Initial Order”) has been issued by the Alberta Court of King’s Bench (the “Court”) pursuant to the Companies’ Creditors Arrangement Act (“CCAA”).
In connection with the CCAA proceedings, the COPL Group has executed a restructuring support agreement with the senior lenders to COPL’s subsidiary, COPL America, Inc. (the “Senior Lenders”), pursuant to which, among other things, the Senior Lenders have agreed to support a sale and investment solicitation process (“SISP”) wherein they will serve as a stalking horse bidder to acquire substantially all of the COPL Group’s business by way of a credit bid. In that regard, COPL intends to seek Court approval to launch the SISP on or around March 18, 2024.
Details in respect of the CCAA proceedings will be made available on the following website at www.ksvadvisory.com/experience/case/canadian-overseas-petroleum. Parties with an interest in participating in the SISP are directed to contact KSV Restructuring Inc., the Court appointed monitor, for further information.
The Company intends to seek recognition of the CCAA proceedings in the United States Bankruptcy Court for the district of Delaware.
As requested by the Company, the Company’s common shares have been suspended from trading on the London Stock Exchange but the Canadian Securities Exchange has not yet made a determination on the request.
Hopefully this recent post from Rodney proves helpful next week:
‘’Nigeria 12 March 2024
Good afternoon all,
A Nigerian executive has been in contact with the group and wishes to help us with our enquiries having heard and read about our travails at COPL
The person did not wish to discuss matters on the telephone so a member of our group is now travelling to Lagos, Nigeria on 12 March 2024 for a face to face meeting. This is an exciting new development that can only help us with our efforts to out any wrong doing at COPL and do everything we can no matter how long it takes to achieve a fair outcome for shareholders who rightly feel they have been misled and treated so badly over the last 6 months or so. The executive asked that identity is not revealed at this stage.’’
But they had to have enough headroom to clear the debt and they don’t currently if only 1.4bn shares.
I don’t think a lender would take much comfort from that. I guess we’ll see.
Placing 8.4bn shares at say 0.35p gets £29m, so it shouldn’t be necessary to place for all of them, if they’re doing this at all.
‘ COPL Extends Forbearance Agreement’ rns
I think the focus is on the shares not the monetary value in the rns. For example, 2bn shares x then or discounted share price = proceeds.
Cathy has terminated their relationship.
Looks like Tom has had his name at the bottom of all the rns since Kravitz came on board.
Last year they did this on the 01/02/23: ‘ COPL Prospectus Filing & Trading Update’.
They placed a week ago
He resigned from uk subsidiary, not the main company?