viewCanadian Overseas Petroleum Limited

Canadian Overseas Petroleum raises cash to fund Atomic Oil & Gas acquisition

The company said it has raised £6mln through a non-brokered private placement of units with both institutional and private investors

Canadian Overseas Petroleum Limited - Canadian Overseas Petroleum raises cash to fund Atomic Oil and Gas acquisition

Canadian Overseas Petroleum Limited (LON:COPL) said it has raised gross proceeds of £6mln through a non-brokered private placement of units with institutional investors, family office, high net worth private investors, its chief executive and directors to help fund its purchase of Atomic Oil and Gas.

The company said it has raised the funds through the placing of units at 0.2p each, a 35% discount to its last closing price, with each unit including one share in the firm and one half of one warrant, with a whole warrant entitling the holder to purchase a share at 0.26p for 12 months from the settlement date of the placing.

READ: COPL does not expect suspension while it acquires Atomic Oil & Gas

COPL added that its president and CEO, Arthur Millholland, has acquired 57.5mln units in the placing for £115,000, while directors and the company secretary have subscribed for a total of 15.47mln units.

"This placing entered into just before the Holiday period speaks volumes to the quality of the assets we will acquire under the Atomic acquisition. My participation in the placing along with some new shareholders, and the support of existing shareholders who are well known investors in the Oil and Gas E&P space, some of whom I have known for 20 years, certainly confirms the quality of the opportunity we have entered into", Millholland said in a statement.

"This placing will allow the company to progress the Atomic acquisition. We believe it will give confidence to the debt investors COPL has been in discussions with to provide the debt required to complete the transaction. We will now focus our attention to the next phase to completion", added COPL’s chief financial officer Ryan Gaffney.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.35 GBX

Market: LSE
Market Cap: £328.35 k

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Canadian Overseas Petroleum Limited named herein, including the promotion by the Company of Canadian Overseas Petroleum Limited in any Content...


Canadian Overseas Petroleum hails 'exceptional' move to accelerate...

Canadian Overseas Petroleum Ltd's (LON:COPL) Arthur Millholland talks Proactive London through the inked a term sheet for US$65mln of debt financing that will facilitate its acquisition of US onshore producer Atomic Oil and Gas LLC. The arrangement, for a senior credit facility, is with a...

on 21/1/21

2 min read