Atlas Capital Markets LLC Announces Acquisition and Sale of Shares of Canadian Overseas Petroleum Limited

LONDON, Jan. 4, 2024 /CNW/ - Atlas Capital Markets LLC ("Atlas") announces that, further to the press release issued by Canadian Overseas Petroleum Limited (the "Company") on 4 January 2024, Atlas was issued 305,598,679 common shares of the Company (the "Share Issuance") pursuant to a share settlement option exercised by Atlas relating to convertible bonds previously issued by the Company to Atlas. 

Immediately prior to the Share Issuance, Atlas did not own or control any shares of the Company. Immediately following the Share Issuance, Atlas owned 305,598,679 common shares of the Company, representing approximately 22.7% of the issued and outstanding common shares of the Company.

On 4 January 2024, Atlas sold 45,000,000 common shares of the Company (the "Sale"), representing approximately 3.3% of the issued and outstanding shares of the Company, to persons outside of Canada at a price of GBP 0.0013852 (C$0.002339) per common share, for aggregate proceeds of GBP 62,334 (C$105,294). 

Immediately following the Sale, Atlas currently owns 260,598,679 common shares of the Company, representing approximately 19.4% of the issued and outstanding shares of the Company.

Atlas entered into the Share Issuance and Sale for investment management purposes. Atlas intends to continue to review its ownership of shares of the Company on a continuing basis and may determine to buy or sell additional securities of the Company.

The Company's head office is located at 3200, 715-5^th Avenue SW, Calgary, Alberta, T2P 2X6.

A copy of the early warning report required to be filed with the applicable Canadian securities commissions in connection with the transactions will be available under the Company's profile on SEDAR+ at www.sedar.com and can be obtained by contacting IR Team at [phone]. The address of Atlas Capital Markets LLC is 71 Fort Street, PO Box 500, Grand Cayman, Cayman Islands, KY1-1106.

SOURCE Atlas Capital Markets LLC