Canadian Overseas Petroleum Limited: Prospectus in respect of a Second Tranche Offering

CALGARY, AB–(Marketwired – Jun 9, 2017) –  Canadian Overseas Petroleum Limited (TSX VENTURE: XOP)

TSX-V: XOP

Canadian Overseas Petroleum Limited
(the “Company”)

Publication of Prospectus in respect of a Second Tranche Offering, a Placing
and application for Admission

The Company is pleased to announce the approval by the UK Listing Authority of a prospectus (the “Prospectus“) prepared by the Company in relation to the admission, to the standard listing segment of the Official List of the Financial Conduct Authority (the “FCA“) and to trading on the Main Market for listed securities of the London Stock Exchange, of: (i) 101,066,868 second tranche offering closing shares (the “Second Tranche Offering Closing Shares“) in connection with an offering completed by the Company on 3 May 2016; and (ii) 656,000,000 placing shares (the “Placing Shares” together with the Second Tranche Offering Closing Shares, the “New Shares“) comprising 650,000,000 Placing Shares announced on 25 May 2017 and a subsequent placing of a further 6,000,000 Placing Shares. The New Shares are expected to be admitted to trading on the London Stock Exchange, on or about, 12 June 2017 (the “New Share Admission“).

Details of the New Shares:
On 3 May 2016, the Company issued 101,066,868 units at a price of CAD$0.07 per unit (the “Second Tranche Offering“). Each unit comprised of one common share in the capital of the Company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of CAD$0.095 per common share at any time prior to 4:30 p.m. (Calgary time) on the date that is 24 months from the closing date of the closing of the Second Tranche Offering. Further, on or around 25 May 2017, the Company completed the placing of 656,000,000 Placing Shares of £0.005 per Placing Share to raise gross proceeds of £3.28 million. Each New Share is a common share in the capital of the Company and ranks pari passu with the Company’s existing common shares.

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http://www.rns-pdf.londonstockexchange.com/rns/6927H_1-2017-6-9.pdf