Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/canadian-overseas-petroleum-issuance-pursuant-to-s.shtmlCanadian Overseas Petroleum issuance pursuant to shares for debt agreement
Canadian Overseas Petroleum Limited it has issued an aggregate of 7,389,781 common shares in the capital of the Company (Shares) at
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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.
