COPL inks non-brokered subscription agreement for a £500,000 equity placing with one investor
The international oil and gas exploration and development company, which is focused on sub-Sahara Africa, said the subscription is an upsize, or similar, of a previous placement announced on June 23 with the same investor.
Similar to the previously announced placing, COPL has agreed to pay a finder’s fee of £35,000 cash and 12,500,000 common share purchase warrants exercisable for 24 months at a 30% premium to the placing price to the investor.
The company said the funds received from the placing will cover general working capital and enable it to continue focusing on its Nigerian OPL 226 project as disclosed on June 4, 2020.
Arthur Millholland, COPL’s president and CEO, commented: “This common share placing in addition to the placing announced on the 23rd of June and its recently announced loan facility, puts the Company on a firmer financial footing going forward, thus allowing us to focus on our principal asset.”