Canadian Overseas Petroleum Ltd COPL Repays Riverfort Loan in Cash (2373O)
February 08 2021 - 2:00AM
UK Regulatory
TIDMCOPL
RNS Number : 2373O
Canadian Overseas Petroleum Ltd
08 February 2021
Canadian Overseas Petroleum
Repays Riverfort Loan in Cash
Calgary, Canada, London, United Kingdom; February 8, 2021 -
Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP:
CSE) & (COPL: LSE), an international oil and gas exploration
and development company, is pleased to announce that it has repaid
in cash the balance of the loan from Riverfort Global Opportunities
PCC ("RGO") and YA II PN, Ltd ("YA") (RGO and, together with YA,
the "Lenders") announced on June 15, 2020. The remaing balance of
GBP 400,000 was repaid in cash on February 5, 2020 without penalty.
As such, the Company has met all of the terms and conditions of the
Lenders under the loan agreement.
Arthur Millholland, President and CEO, commented:
"We would like to thank Riverfort and Yorkville for providing
the loan in June of last year which was strategic to the
restructuring of the Company. It has allowed us to proceed to where
we are today nearing the completion of the Atomic acquisition."
The Common Shares are listed under the symbol "XOP" on the CSE
and under the symbol "COPL" on the London Stock Exchange.
About COPL:
COPL is an international oil and gas exploration, development
and production company actively pursuing opportunities in the
United States through the acquisition of Atomic Oil and Gas LLC,
and in sub-Saharan Africa through its ShoreCan joint venture
company in Nigeria, and independently in other countries.
For further information, please contact:
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
Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 77 4778 8221
Email: copl@yellowjerseypr.com
This news release contains forward-looking statements. The use
of any of the words "initial, "scheduled", "can", "will", "prior
to", "estimate", "anticipate", "believe", "should", "forecast",
"future", "continue", "may", "expect", and similar expressions are
intended to identify forward-looking statements. The
forward-looking statements contained herein are based on certain
key expectations and assumptions made by the Company, including,
but not limited to, the ability to raise the necessary funding for
operations, delays or changes in plans with respect to exploration
or development projects or capital expenditures. Although the
Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements since the
Company can give no assurance that they will prove to be correct
since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties most of which are beyond the control of Canadian
Overseas Petroleum Ltd. For example, the uncertainty of reserve
estimates, the uncertainty of estimates and projections relating to
production, cost overruns, health and safety issues, political and
environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas
industry could cause actual results to vary materially from those
expressed or implied by the forward-looking information.
Forward-looking statements contained in this news release are made
as of the date hereof and Canadian Overseas Petroleum undertakes no
obligation to update publicly or revise any forward-looking
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securities laws.
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