Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) said it has received US$4 million from the financing announced last week.
The oil and gas exploration, production and development company, which issued shares at a price of 2.6p in a placing, said it "will be settling amounts owed to various creditors in shares over the coming weeks".
Last week, it said the financing was designed to fund the business through the first quarter of 2024 and reduce liabilities in excess of US$13.5 million.