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Canadian Overseas Petroleum Ltd - Calgary, Canada-based oil and gas company - Signs financing so its subsidiary COPL America Inc can buy the Wyoming assets of Cuda Energy LLC. Canadian Overseas will issue two series of convertible bonds with a total amount of $25.2 million, half of which will mature in 2024, the other half in 2025, which the company refers to as 'the convertible'.
‘Subscription proceeds of $19.7 million from the convertible will be used to finance the cash component of the acquisition of the Cuda Energy LLC assets which will lead from the third quarter of 2022 to an increase in the company's share of oil production from certain of its Wyoming assets,’ Canadian Overseas explains.
The Canadian oil and gas company sees itself now well positioned to refinance its debt structure in 2022 via finalising a reserve-based loan agreement.
Current stock price: 16.65 pence, down 24% on Friday
12-month change: down 59%
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