Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) has notified investors of its latest conversion of debt-to-equity, with some 1.01 billion new shares issued to satisfy around $1 million in conversion payment to a bondholder.
Earlier this month, COPL announced the appointment of a new interim chief executive with Peter Kravitz named in the role.
Prior to that the company confirmed the closing of its $2.5 million equity financing, as previously announced in late December.
It noted that the funding satisfied its "urgent liquidity needs" and allowed the company to retain an independent E&P technical consultant, appoint a chief restructuring officer and maintain its public listings in London and Canada.