Anavio Equity Capital Markets Master Fund Limited Announces Acquisition of Securities of Canadian Overseas Petroleum Limited

LONDON and CALGARY, Alta., July 27, 2022 /CNW/ – Anavio Equity Capital Markets Master Fund Limited (“Anavio“), declares that it has completed the purchase of two series of senior convertible bonds for an aggregate principal amount of $16.8 million ($8.4 million maturing in 2024 and $8.4 million maturing in 2025) (collectively, the “Obligations“), convertible into 83,958,000 ordinary shares (“Ordinary actions“) in the capital of Canadian Overseas Petroleum Limited (“COPL“); and the acquisition, without additional consideration, of warrants (“Mandates“) providing for the right to acquire 42,398,790 ordinary shares (with the bonds, “Securities“). The securities were purchased directly from COPL and not through a stock exchange or other market.

Immediately prior to the acquisition, Anavio did not own or exercise control or direction over any common shares. Full conversion of the bonds would result in the issuance of common shares representing approximately 26% of the common shares currently issued and outstanding, and the exercise of all warrants would result in the issuance of common shares representing approximately 15% of the shares shares currently issued and outstanding. shares of common stock outstanding (in each case, after giving effect to such conversion or exercise, as the case may be, and such interests of Anavio would be approximately 20% and 10%, respectively, if all of the bonds and warrants subscription issued by COPL to Anavio and other investors were to be exercised).

Anavio intends to hold the Notes for investment purposes. Subject to compliance with applicable laws and contractual restrictions on transfer, Anavio may decide to purchase additional ordinary shares or sell all or part of the securities and ordinary shares it holds, depending on the price of the ordinary shares. , market conditions and other factors.

COPL’s head office is located at 3200 715-5th Avenue SW, Calgary, ABT2P 2X6.

Anavio will file an early warning report with securities regulators regarding the above matters pursuant to National Instrument 62-103 – The Early Warning System and Related Issues Related to Takeover Bids and Insider Reportinga copy of which will be available under COPL’s profile on SEDAR at www.sedar.com.

SOURCE Anavio Equity Capital Markets Master Fund Limited

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