Cardinal Energy Ltd. (TO: CJ.TO) closed its previously announced private placement of 2,187,500 common shares, at CA$12.80 per share, the company said Feb. 10.
Gross proceeds totaled CA$28 million, the company said. Proceeds repaid debts incurred by the acquisition of assets at the core of the Bantry area, which closed Jan. 28, the company added. These assets cost about CA$27 million before adjustments, the company noted.
Underwriters were led by RBC Capital Markets and CIBC, the company said. They included GMP Securities LP, Macquarie Capital Markets Canada Ltd., Scotiabank and FirstEnergy Capital Corp.
Cardinal Energy Ltd. assists investors and is focused on oil. It is based in Calgary.