Canadian Overseas Petroleum Limited (LON:COPL, CVE: XOP) has announced a C$6mln share placing to support projects in West Africa.
A total of 85.7mln units are being sold to investors at a price of 7 cents per unit. Each unit comprises one common share and one share warrant, which can convert to one additional new share at 9.5 cents within 24 months.
Proceeds from the placing will be used to fund the company's obligations on its ongoing projects in West Africa.
Specifically, it will support the group through the drilling of the first exploration well offshore Liberia where the company is partnered with ExxonMobil.
And it will also cover overhead costs for the oilfield appraisal and development project in Nigeria.
COPL continues to focus its attentions on a proposed drill programme offshore Liberia where it is partnered with ExxonMobil, as well as a variety of new opportunities in sub-Saharan Africa.
In September 2015, Exxon confirmed the Mesurado-1 exploration - which had previously been delayed amid West Africa’s Ebola crisis - was scheduled for late 2016 or early 2017.