SOURCE: Canadian Overseas Petroleum Ltd

June 12, 2017 02:00 ET

Canadian Overseas Petroleum Ltd: Admission to Trading in London of Shares

CALGARY, AB--(Marketwired - Jun 12, 2017) - Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)

Canadian Overseas Petroleum Limited

(the "Company")

Admission to Trading in London of Shares

Calgary, Canada, 12 June 2017 - Further to the announcement on 9 June, 2017, Canadian Overseas Petroleum Limited ("COPL" or the "Company") (TSX-V: XOP) (LSE: COPL), announces the admission (the "New Shares Admission") to the standard listing segment of the Official List, and to trading on the London Stock Exchange's main market for listed securities, of 757,066,868 common shares of no par value in the capital of the Company ("New Common Shares"). New Shares Admission is expected to become effective at 8:00 a.m. (London time) today, 12 June, 2017.

The New Common Shares (via Depositary Interests through CREST) will be freely transferable on the main market of the London Stock Exchange. However, there is a temporary restriction on the transfer of such New Common Shares, such that such shares cannot be transferred through CREST to the Company's Canadian share register for a period of four months and one day from the date the shares are issued.

The Company will be required by the TSX-V, as a condition of its continued listing on such exchange, to consolidate the issued and outstanding common shares in the capital of the Company (the "Common Shares") within six months (the "Consolidation") on the basis of one post-Consolidation Common Share for no less than six pre-Consolidation Common Shares. The Company received shareholder approval for the Consolidation at its annual general meeting of shareholders held on 6 June 2016.

In connection with the 650,000,000 New Common Shares issued pursuant to the placing announced on 25 May 2017 ("Brokered Offering"), the Company paid a commission to Shore Capital Stockbrokers Limited ("SCS") of 6% of the gross proceeds of the Brokered Offering. The Company also issued to SCS an aggregate of 39,000,000 warrants to subscribe for new Common Shares ("Broker Warrants"), with an exercise price of £0.005 per Broker Warrant for a period of 24 months from today.

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/7709H_1-2017-6-12.pdf

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