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Canadian Overseas Petroleum Ltd: Common Share Offering


FOR: CANADIAN OVERSEAS PETROLEUM LTD
TSX VENTURE SYMBOL: XOP
LSE SYMBOL: COPL

Date issue: May 25, 2017
Time in: 2:00 AM e

Attention:

CALGARY, AB--(Marketwired - May 24, 2017) - Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)

(TSXV: XOP) (LSE: COPL)

Canadian Overseas Petroleum Limited

Common Share Offering

Calgary, Canada, 25 May 2017- Canadian Overseas Petroleum Limited (the "Company") (TSXV: XOP) (LSE: COPL), is pleased to announce a Common Share offering to raise gross proceeds of £ 3.25 million (the "Placing"), pursuant to which the Company will issue 650,000,000 new common shares ("Placing Shares") at a price of 0.5 pence per Placing Share. Management, including Arthur Millholland, President & CEO, representing approximately 3% of the existing share capital of the Company, and certain existing shareholders, plan to participate in the Placing for an amount approximately equal to their proportionate current holdings in the Company.

Full details of the Placing will be included in the Prospectus filed with the UK Listing Authority, which is expected to be published later today and be available on SEDAR and the Company's website, http://canoverseas.com (subject to certain access restrictions), shortly thereafter.

The Company intends to use the net proceeds of the Placing to fund the Company's on-going general and administrative expenses which principally covers a full technical team including geologists, a geophysicist, reservoir engineers, a drilling engineer and in-house Counsel, which are approximately US$385,000 per month, as the Company seeks to progress its projects in West Africa.

Mr. Arthur Millholland, President & CEO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441

Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 231
Email: cathy@chfir.com

Harriet Jackson/Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 75 4427 5882
Email: copl@yellowjerseypr.com

Broker: London Stock Exchange
Shore Capital Stockbrokers Limited
Edward Mansfield / Mark Percy
Phone: T: +44 20 7408 4090

Click on, or paste the following link into your web browser, to view the
associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/1771G_1-2017-5-25.pdf

This information is provided by RNS
The company news service from the London Stock Exchange

- END RELEASE - 25/05/2017

For further information:
RNS
Customer
Services
0044-207797-4400
rns@londonstockexchange.com
http://www.rns.com

COMPANY:
FOR: CANADIAN OVERSEAS PETROLEUM LTD
TSX VENTURE SYMBOL: XOP
LSE SYMBOL: COPL

INDUSTRY: Energy and Utilities - Oil and Gas
RELEASE ID: 20170525CC0004

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization issuing the release, not to The Canadian Press.



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