Canadian Overseas Petroleum Limited (CNSX:XOP) announced a non-brokered private placement of 1,500,000,000 units at a price of £0.002 per unit for gross proceeds of £3,000,000 on January 8, 2021. Each unit consists of one common share and one-half share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of £0.0026 per share for a period of 12 months from the closing. The company paid a finder's fee of 7% in common shares and 7.5% in common share purchase warrants in relation to the transaction. The finder's common share purchase warrants are exercisable into one common share at a price of £0.0026 per share for a period of twelve months. The terms of the transaction are the same as terms of the private placement announced on December 8, 2020.