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Cardinal Taps Equity Markets for $67MM
Cardinal Energy Ltd. has closed its previously announced public offering of 7,150,000 common shares through a syndicate of underwriters led by CIBC Capital Markets, and including FirstEnergy Capital Corp., RBC Capital Markets, National Bank Financial Inc., Scotiabank, GMP Securities L.P., BMO Capital Markets, Macquarie Capital Markets Canada Ltd. and Dundee Securities Ltd. at a price of $9.35 per common share for gross proceeds of approximately $67 million (including the over-allotment option).
The net proceeds from the financing will initially be used to repay a portion of outstanding indebtedness under the Company's credit facilities, and will subsequently be redrawn to partially fund an increased drilling program, additional capital spending for facilities to further reduce operating costs, and to allow Cardinal to be opportunistic with potential acquisition opportunities.
Canada Related Financings
| Announced Date | Title | Company | Value($MM) | Financing Type |
|---|---|---|---|---|
| 2019-10-01 | Journey Energy Taps Equity Markets for $7.3MM | Journey Energy Inc | 7.3 | Equity-Stock-Sales |
| 2018-10-16 | Pulse Oil Launches Equity Offerings; Eyes $8.0MM in Proceeds | Pulse Oil | 8 | Equity-Stock-Sales |
| 2018-06-11 | Saturn Taps into Equity Markets to Fund Viking Drilling | Saturn Oil and Gas Inc. | 1.34 | Equity-Stock-Sales |
| 2017-06-07 | Delphi Taps Equity Market for $65 Million | Delphi Energy Corp. | 65.3 | Equity-Stock-Sales |