Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) announced the latest bond conversion, issuing 84.7mln new shares.
It issued 31.54mln shares at 3.17 cents each to convert $1mln of principal for its 2027 bonds, plus 53.16mln shares to settle a $1.2mln payment and accrued interest (relating to previously converted bonds).
It noted that some $10.6mln of the 2027 bond principal remains outstanding, and $10.8mln of the 2028 bond principal remains outstanding. Each is held by three bondholders. It also noted that following the equity issue it now has 1.03bn shares in issue.