(MENAFN- ProactiveInvestors - UK) Canadian Overseas Petroleum Limited (LON:COPL CVE:XOP) has confirmed the completion of a C$7.1mln share placing in Canada which along with a smaller UK share sale means the explorer has now raised C$8.6mln of new capital.
The company also told investors it has now appointed Shore Capital as its broker as it progresses its 'relaunch' in London.
Cash proceeds from the share sales are expected to support the group as it awaits the start of drilling for the first well offshore Liberia and as it advances a new venture in Nigeria.
'The completion of this financing is a testament to the quality and the opportunity of the company's projects in West Africa' said Arthur Millholland COPL chief executive.
'We have an exciting year ahead; firstly with the drilling of the deep water well offshore Liberia later this year.
'In addition to this the appointment of Shore Capital Stockbrokers Limited as broker to our LSE main market listing will enable us to relaunch Canadian Overseas Petroleum to the London market utilize our listing on the LSE and most importantly gain exposure to the UK retail market."
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