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Canadian Overseas Petroleum Raises A Further $2.46mln

Oil explorer Canadian Overseas Petroleum (CVE:XOP) has confirmed the final closing of its offering of new common shares.

It revealed that 12.31mln new shares will now be issued at $0.20 each raising $2.46mln. This follows an earlier funding in July, and the group has now raised a total of $8.46mln with the issue of 42.3mln shares also at $0.20 a share.

The explorer's assets in New Zealand and Liberia - the former a low exploration risk shale play, the latter a high-risk, high reward deep-water exploration play - are the key attractions for investors.

The funding was arranged by brokers FirstEnergy Capital, along with Canaccord Genuity and GMP Securities.

Canadian Overseas Petroleum is targeting an AIM float in the fourth quarter of this year.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.