SOURCE: Canadian Overseas Petroleum Ltd

April 26, 2016 07:00 ET

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

CALGARY, AB--(Marketwired - Apr 26, 2016) - Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)

TSX-V: XOP

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Canadian Overseas Petroleum Limited Announces Expected
Admission to Trading in London of Shares

Calgary, Canada, April 26, 2016 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (TSX-V: XOP) (LSE: COPL), has made an application for 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 46,891,400 common shares of no par value in the capital of the Company (the "New Shares"). New Shares Admission is expected to become effective at 8:00 am (London time) on April 28, 2016.

The New Shares are shares which were issued or are issuable pursuant to: (i) the previously announced first tranche private placement of 22, 857,143 units (the "Units") in the Company to investors in the United Kingdom on a non-brokered basis which is expected to close on April 28, 2016 (the "Offering"). Each Unit consists of one common share ("Common Share") in the capital of the Company and one Common Share purchase warrant ("Warrant"). The Common Shares and Warrants comprising the Units will separate immediately upon closing; and (ii) 1,177,114 finder's warrants (the "Finder's Warrants") the Company has agreed to issue in relation to the Offering.

Under the Offering, each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of £0.0475 per Common Share at any time prior to 16:30 hrs (Calgary time) on or before the date that is 24 months from the closing of the Offering.

Each Finder's Warrant entitles the holder thereof to purchase one Common Share at an exercise price of £0.035 at any time prior to 16:30 hrs (Calgary time) on or before the date that is 24 months from the closing of the Offering.

All securities issued in relation to the Offering will be subject to a four month trading hold period through the facilities of the TSXV, pursuant to applicable securities laws and the policies of the TSXV.

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

http://www.rns-pdf.londonstockexchange.com/rns/3583W_1-2016-4-26.pdf

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