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Canadian Overseas Petroleum issuance pursuant to shares for debt agreement


Published Dec 5, 2013
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Canadian Overseas Petroleum Limited

Canadian Overseas Petroleum Limited it has issued an aggregate of 7,389,781 common shares in the capital of the Company (Shares) at a deemed price of $0.245 per Share pursuant to the previously announced shares for debt agreement (the "Agreement") with a service provider/creditor (the "Creditor").

The total amount of indebtedness settled by the Agreement is $1,810,496.44. The Company decided to satisfy this outstanding indebtedness with Shares to preserve its cash for operations.

Shares issued to the Creditor are subject to a four-month hold period from the settlement date.

Tags: Canadian Overseas Petroleum Limited




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