Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) has issued an open letter to shareholders, responding to their queries around the recent Anavio financings and the company’s next steps.
It noted that COPL engaged in multiple rounds of financing with Anavio, raising funds through the issue of convertible bonds.
The company described it as critical in order for it to maintain working capital and continue operations.