Canadian Overseas Petroleum Limited announced that it expects to receive $25.2 million in funding from Anavio Capital Partners LLP, Yellow Jersey Capital, LLC, Cavalcanti Hume Funfer Inc.

Canadian Overseas Petroleum Limited announced that it has entered into purchase agreement for the private placement of two series of convertible bonds with an aggregate principal amount of $25.2 million on July 22, 2022. The two series of bonds of $12.6 million each, denominated at $200,000 per bond. The transaction will include participation from UK based institutional shareholder as the lead investor and other institutional investors.

The 24 months maturity for one series and 36 months maturity for the other series, expected to be issued on 25 July 2022. The bonds will carry 13% interest and will accrue and increase by 0.75% each 3-months until COPL gives notice to the Bondholders that it shall henceforth pay all interest coupons in cash.