Cardinal Energy Ltd.: Successfully Completes Debenture Offering in Calgary, Alberta
Calgary, AB – Cardinal Energy Ltd. (TSX: CJ) (“Cardinal” or the “Company”), a Calgary-based oil and natural gas exploration and production company, is thrilled to announce the successful completion of its previously announced offering (the “Offering”) of senior subordinated unsecured debentures (“Debentures”).
Details of the Offering
The Offering was conducted with the assistance of a syndicate of underwriters, which was co-led by CIBC Capital Markets, RBC Capital Markets, and ATB Capital Markets. CIBC Capital Markets and RBC Capital Markets acted as joint-bookrunners, while BMO Capital Markets, Peters & Co. Limited, Canaccord Genuity Corp., and Raymond James Ltd. also participated as underwriters.
Financial Implications for Cardinal
The Offering raised gross proceeds of approximately CAD 325 million. Cardinal intends to use the net proceeds from the Offering to repay existing indebtedness, to fund its capital expenditures, and for general corporate purposes.
Impact on Shareholders
The successful completion of the Offering is a positive sign for Cardinal’s financial situation. With the proceeds from the Offering, the company will be able to reduce its debt load and have more financial flexibility to invest in its operations and growth initiatives. This could potentially lead to increased revenue and earnings for the company, which may result in higher dividends for shareholders.
Global Impact
The energy sector, particularly the oil and gas industry, plays a significant role in the global economy. The successful completion of Cardinal’s Offering is a positive sign for the industry as a whole. It demonstrates that there is continued investor interest in the sector, despite the challenges it has faced in recent years. This could lead to increased investment in the sector, which could help to drive economic growth and create jobs.
Conclusion
Cardinal Energy Ltd.’s successful completion of its Debenture Offering is a positive development for the company and the energy sector. With the proceeds from the Offering, Cardinal will be able to reduce its debt load and have more financial flexibility to invest in its operations and growth initiatives. This could lead to increased revenue and earnings for the company, potentially benefiting its shareholders. Additionally, the Offering is a positive sign for the energy sector, demonstrating continued investor interest and potentially leading to increased investment in the sector, which could help to drive economic growth and create jobs.
- Cardinal Energy Ltd. successfully completes Debenture Offering, raising gross proceeds of approximately CAD 325 million.
- Proceeds to be used to repay existing indebtedness, fund capital expenditures, and for general corporate purposes.
- Positive sign for the financial situation of Cardinal and its ability to invest in operations and growth initiatives.
- Indicates continued investor interest in the energy sector, potentially leading to increased investment and economic growth.
