We would love to hear your thoughts about our site and services, please take our survey here.
Ondon, United Kingdom; Calgary, Canada: December 29, 2023 – Canadian Overseas
Petroleum Limited (“COPL” or the “Company”) (XOP: CSE) & (COPL: LSE), an
international oil and gas exploration, production and development company with
production and development operations focused in Converse and Natrona Counties,
Wyoming, USA, announces (the “Announcement”) (i) US$2.5 million of committed
common share financing and certain amendments to the outstanding Bonds (as
defined below) of the Company, as described herein (collectively, the “Financing”) (ii)
the execution of a Forbearance Agreement with its senior lender and (iii) the
appointment of a Chief Restructuring Officer.
Other terms of the Financing include:
Completion of the Financing is expected by the January 15, 2024 and is
intended to be used for working capital purposes.
1,312,232,633 common shares (the “New Shares”) are to be purchased at a
price (the “Subscription Price”) of GBP 0.0015 by Anavio Capital Partners LLP
or an entity or entities associated by it (the “Purchaser”).
The Company will grant the Purchaser warrants equal to at least 100% of the
number of New Shares, with each warrant entitling the holder to purchase a
Common Share at the Subscription Price, expiring 26 August 2028.
The conversion price of the Bonds will be amended to the Subscription Price
per conversion share. The maturity date of the 2027 Bonds (as defined herein)
will be extended to 26 January 2028, and the maturity date of the 2028 Bonds
(as defined herein) will be extended to 26 January 2029.
The commencement date for any exercise by the Company of its parity call
option under each of the Bonds will be extended to 1 January 2025.
The exercise price of the existing warrants will be amended to the Subscription
Price, and the expiration date will be extended to 26 August 2028.
The Company will appoint one additional independent non-executive director
to be nominated by the Purchaser by no later than 31 March 2024.
Putting my thinking cap on - CIG must know when roughly we will hit commercial production and it must be relatively soon for them to agree to the sp buying price. Think an rns may come soon or just after the placement day so that CIG get a bargain and we all don’t take up the offer. We shall see
Hi Jammin - the gold hedge is a collar so we get the value of gold up to $2130 per oz and it can’t go under $2000 so gold at $2070 is fine. It gives surety and there is no loss unless gold goes much higher and even then it is only for 60000oz and for part of the year (if we get the gold out the ground!!)
Agree that now the detail is out the POG hedging is good. However this also demonstrates how little trust people have in DB actions and how poor his comms are and how he needs to provide greater clarity in his statements. This is what I expect from a competent CEO.
Agree - it seems we will come in around 83000 ounces for Yanfolia but are assuming we will only get 2000oz this month from Kouroussa (nowhere near the 10000 oz expected every month). However the fact that the NED is putting $1m of his own money into the share scheme seems a positive also at a higher rate than the market which does bode well for the future.
Being realistic little has changed except more good news! I think the shorts will try to exit orderly but it will be impossible so it will instantly go into auction and open 100% up (yes 100% in my view) as the drop has been proved to have been based on a fantasy and with the new order as well this alone would be expected to raise at least 20% (but not from this base). Hence I expect 40p open and then shorts closing to bring it up to around 60p by close. I do not even think this is far-fetched in the slightest as the news and the conference have demonstrated a very positive future with billions already int he bag and billions more expected over the next few months- GLASH
Helicon and their shorts lately have not been very good - Victoria plc they increased their short in and the sp has greatly increased from that time and they did the same with ITM - not exactly the most successful shorter out there
And a lot have just bought recently (I am back to breakeven myself) - but still going to hold!! $6bn pipeline and a company that has existed for a few decades and is transitioning to green must be worth more :)
Yes - but only 2 funds are increasing recently (Helikon and Astaris) - the other 5 have not increased since the 8th Dec so the increase are only being led by these two- the other 5 are not joining in and have a much smaller short. So either 2 out of 7 are correct or the other 5 are!
Only HUM can go down with gold approaching $2050!! Good to know when we will reach commercial production at Kouroussa as clearly stated on numerous occasions it will be H2 2023 and thee are only a few days left. This must be a RNS so hopefully will drop any day!
Talking rubbish - hold will only go one way irrespective with elections coming as interest rates will go down and figures will be manipulated. Interest rates down and high employment should be good for all including mcg - it is not rocket science. Price as we get nearer elections will improve - simples