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Cardinal Energy Group Inc. Closes Senior Notes

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April 22, 2014

Cardinal Energy Group Inc. (OTC: CEGX) sold $3.5 million of 12% senior secured convertible notes to investors, the company said April 22.

The notes will mature Dec. 31, 2015, the company said, noting that an additional $1.5 million of notes was placed with investors, making the total amount $5 million.

The additional notes were issued under the same terms, Cardinal Energy said, noting that all proceeds will go toward reworking and recompleting Cardinal Energy’s 78 Texas wells. Proceeds will also fund strategic acquisitions and working capital, and they will be ...

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