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.
Recommended Reading
NOD Approves Start-up for Aker BP’s Hanz Project
2024-02-27 - Aker BP expects production on the North Sea subsea tieback to begin production during the first quarter.
E&P Highlights: March 15, 2024
2024-03-15 - Here’s a roundup of the latest E&P headlines, including a new discovery and offshore contract awards.
E&P Highlights: March 4, 2024
2024-03-04 - Here’s a roundup of the latest E&P headlines, including a reserves update and new contract awards.
OKEA Fast-tracking North Sea’s Brasse Tieback to Brage
2024-04-08 - OKEA expects first production in 2027 and has signed contracts with Aker Solutions, Subsea7 and OneSubsea.
E&P Highlights: April 8, 2024
2024-04-08 - Here’s a roundup of the latest E&P headlines, including new contract awards and a product launch.