SOURCE: Canadian Overseas Petroleum Ltd

April 26, 2016 02:36 ET

Canadian Overseas Petroleum Ltd: Increase to Private Placement

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

NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Canadian Overseas Petroleum Limited Announces Increase to Private Placement from $6.0 Million to $8.25 Million

Calgary, Canada, April 26, 2016 - Canadian Overseas Petroleum Limited (TSX-V: XOP; LSE: COPL) (the "Company"), is pleased to announce that in connection with its previously announced private placement, the Company and Dundee Securities Ltd. have agreed to increase the size of the private placement. The Company will now issue up to 117.9 million units of the Company ("Units") at a price of $0.07 per Unit for aggregate gross proceeds of up to approximately $8.25 million (the "Offering") under the brokered and non-brokered portions of the Offering, collectively, inclusive of the non-brokered private placement to investors in the United Kingdom announced on March 30, 2016 and on April 20, 2016.

Each Unit will consist of one (1) common share in the capital of the Company ("Common Share") and one (1) Common Share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one (1) Common Share for a period of 24 months from the closing of the Offering at an exercise price of $0.095 per Common Share. The Offering will be conducted by way of a private placement pursuant to exemptions to the prospectus requirements under applicable securities laws in all the provinces of Canada, and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "1933 Act"). All securities issued pursuant to the Offering will be subject to a four month trading hold period pursuant to applicable securities laws and the policies of the TSX Venture Exchange (the "TSXV").

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http://www.rns-pdf.londonstockexchange.com/rns/3129W_1-2016-4-26.pdf

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