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COPL does not expect suspension while it acquires Atomic Oil & Gas


Canadian Overseas Petroleum Limited (LON:COPL) has said it does not anticipate any suspension in trading of its shares as a result of the acquisition of Atomic Oil & Gas announced on Wednesday. 

The Financial Conduct Authority has informed it that even though it is in effect a reverse takeover, no share suspension is needed until the acquisition becomes unconditional (completion) and not at all if COPL can file an approved prospectus by that time.

COPL added it recently filed an approved prospectus with the FCA and had already produced a current competent person report on Atomic’s assets, so does not anticipate having any trouble filing an approved prospectus. 

COPL also confirmed today, in response to market rumours, that it is not considering any financing structure commonly referred to as an “equity sharing” arrangement in order to complete the financing of the transaction.

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