The Canadian Overseas Petroleum Limited (LON: COPL) share price fell 10.79% after announcing that it had raised a $3.5 million equity injection at 4p per share from Anavio. The discount offered to the participating investors triggered an adverse reaction from investors.
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The company also highlighted multiple milestones achieved recently, including the appointment of John Cowan as the firm’s new CEO and Tom Richardson as its Chairman. The company also noted a total liquidity of $8.5 million, which could last up to the first quarter 2024.
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COPL has released $5.0 million in liquidity from hedge restructuring, which, combined with the $3.5 million raised from Anavio, led to a total liquidity of $8.5 million. The company also revealed that it had received crucial waivers and amendments to its bonds and senior credit facility from two supportive stakeholders.
The company is seeking to appoint one more non-executive director. It also revealed that the · Barron Flats Unit gas gathering infrastructure improvement was completed ahead of schedule and under budget.
COPL Senior Credit Facility lender fully supports its plans and has agreed to continue waiving the application financial ratios to restructure 100% of the WTI hedges from September 2023 to January 2024, freeing up about $5.0 million of near-term cash flow.
Tom Richardson, the COPL Chairman, commented: “COPL is entering an important new phase of extremely tight financial discipline. The Company now has a focused executive team, and Board aligned in their focus on delivering value for all stakeholders. We are delighted with the belief and wholly aligned support of our two most significant capital providers in the changes we are effecting.”
John Cowan, the COPL CEO, commented: “Following a challenging period for the company both financially and operationally, I am committed to delivering on the potential of our increasingly well-invested assets. It is my simple aim to drive maximum value from them whilst also ensuring that if the interest being shown by certain third parties in joint venturing with us matches our own views on value, we will seek to further scale through partnership.”
Canadian Overseas (COPL) share price.
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