Canadian Overseas Petroleum, an international oil and gas exploration and development company focused on sub-Sahara Africa, today announces that: 

• COPL has entered into agreements with two institutional investors and two high net worth private investors to raise gross proceeds of £1,300,000 in a non-brokered private placement at a price of 0.3 pence per common share; and,  
• The Company has successfully agreed with creditors for the previously announced Debt Exchange which will result in COPL repaying approximately US$1.6m of historic debt.  

The net proceeds from the Placing will be used for ongoing general and administrative costs of the Company and the costs of professional advisers and service providers that are not eligible for the Debt Exchange. Completion of these transactions will improve the Company’s working capital position as it works to conclude definitive agreements for the Company’s Nigerian OPL 226 project as disclosed on July 10, 2020. 

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