Mr. Tom Richardson reports
CANADIAN OVERSEAS PETROLEUM LTD ANNOUNCES CONVERSION OF BOND PAYMENTS
Canadian Overseas Petroleum Ltd. has issued 305,598,679 common shares pursuant to the share settlement option exercised by a bondholder for settlement of $1.1-million of conversion payment amounts (and related accrued interest) due pursuant to previously converted 2027 bonds and 2028 bonds. The number of common shares issued for settlement of these conversion payments is based on the lowest five-day VWAP (volume-weighted average price) following election of the share settlement option for the conversion payments.
Following these issuances of common shares, the company has a total of 1,344,370,498 common shares issued and outstanding. There are no common shares held in treasury, and, therefore, the total number of voting rights in the company is 1,344,370,498. This figure may be used by shareholders in the company as the denominator for the calculations by which they will determine if they are required to notify their interest in or a change to their interest in the share capital of the company under the Financial Conduct Authority's disclosure guidance and transparency rules.
Applications will be made for the shares to be admitted to the FCA's official list and to trading on the London Stock Exchange's main market for listed securities within the next 12 months, in accordance with Listing Rule 14.3.4.
About Canadian Overseas Petroleum Ltd.
Canadian Overseas Petroleum is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States with operations in Wyoming.
The common shares are listed under the symbol XOP on the Canadian Securities Exchange and under the symbol COPL on the London Stock Exchange.
We seek Safe Harbor.
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