SOURCE: Canadian Overseas Petroleum Ltd

March 30, 2016 04:08 ET

Canadian Overseas Petroleum Ltd: Private Placement of Units

CALGARY, AB--(Marketwired - Mar 30, 2016) - Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)

TSX-V: XOP

Canadian Overseas Petroleum Limited Announces Private Placement of Units

Calgary, Canada, March 30, 2016 - Canadian Overseas Petroleum Limited (TSX-V: XOP; LSE: COPL) (the "Company"), is pleased to announce that it has engaged Dundee Securities Ltd as agent for an offering of up to 85.7 million units of the Company ("Units") at a price of $0.07 per Unit for aggregate gross proceeds of up to $6.0 million, including the non-brokered private placement mentioned hereafter (the "Offering"). 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. 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").

The Offering is subject to customary conditions and the receipt of required regulatory approvals, including the approval of the TSXV.

Independently, the Company intends to market on a non-brokered basis, a private placement to investors in the United Kingdom, on similar terms, priced in the UK market, subject to the requirements of its listing on the London Stock Exchange.

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