Canadian
Overseas Petroleum Limited Requests Exemptions under
Policy 4
of the Canadian Securities Exchange
CALGARY, AB, Jan. 12, 2024 --
Canadian Overseas Petroleum Limited (the "Company")
(CSE: XOP) (LSE: COPL) announces that is has requested exemptions
under Policy 4,
Corporate Governance, Security Holder Approvals and Miscellaneous
Provisions ("Policy 4")
of the
Canadian Securities Exchange (the "CSE")
with respect to the requirement for security holder approval of an
offering.
In
relation to the offering announced on December 29,
2023 (the "Offering"),
the Company under Policy 4
of the CSE,
is required to hold a security holder vote on the Offering due to
the Offering including a number of issuable securities that is more
than 100% of the currently outstanding securities, unless the
Company qualifies for exemptions under Policy 4.
The
Company satisfies the majority of the these requirements for an
exemption as the Company is in serious financial difficulty, the
Company has reached an agreement to complete the Offering and the
independent directors of the board of directors have determined
that the Offering is in the best interests of the Company, is
reasonable in the circumstances and that it is not feasible to
obtain security holder approval or complete a rights offering to
existing security holders on the same terms as the Offering. The
Company is, however, requesting an exemption from the application
of Policy 4
as a "Related Person", as defined therein, is participating in the
Offering and from the requirement to issue a news release five days
in advance of the Offering, with the scheduled closing of the
Offering being early next week.
The
Company is requesting these exemptions from
Policy 4
on the basis of the serious financial difficulty facing the Company
at this time, as outlined in previous news releases and public
disclosure.
For further information, please
contact:
Mr.
Thomas Richardson,
Chairman
Canadian
Overseas Petroleum Limited
Tel: + 1
(403) 262 5441
Cathy Hume
CHF
Investor Relations
Tel: +1
(416) 868 1079 ext. 251
Email:
cathy@chfir.com
Charles Goodwin
Yellow
Jersey PR Limited
Tel: +44
(0) 77 4778 8221
Email:
copl@yellowjerseypr.com
The
Canadian Securities Exchange (operated by CNSX Markets Inc.) has
neither approved nor disapproved of the contents of this press
release.
SOURCE
Canadian Overseas Petroleum Limited