Chicago, Dec. 30 – Cardinal Energy Ltd. announced that it has closed a non-brokered private placement for C$16.24 million of second-lien secured notes, according to a press release.
The company simultaneously closed on 8,122,000 units at a subscription price of C$0.50 per unit for additional proceeds of C$4.06 million.
Proceeds from the private placement will be used to repay Cardinal’s 5.5% convertible subordinated debentures which are maturing on Dec. 31.
The company had been contemplating an extension for the maturity date on the convertibles, as previously reported earlier in the year.
Certain directors participated in the private placement for approximately 23% of the offering.
Calgary, Alta.-based Cardinal Energy is an oil-focused company with operations in Alberta.
| Issuer: | Cardinal Energy Ltd.
|
| Issue: | Second-lien secured notes
|
| Amount: | C$16.24 million
|
| Distribution: | Private placement
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
