Cardinal Energy Ltd. closed its public offering of about 7.1 million common shares priced at CA$9.35 each, for gross proceeds of about CA$67 million, the company said June 15.
The net proceeds will initially repay a portion of outstanding debts under the credit facilities and then they will support the drilling program.
Underwriters are being led by CIBC Capital Markets. They include FirstEnergy Capital Corp., RBC Capital Markets, National Bank Financial Inc., Scotiabank, GMP Securities LP, BMO Capital Markets, Macquarie Capital Markets Canada Ltd. and Dundee Securities Ltd.
Cardinal also said that its available credit facilities remained unchanged at CA$150 million—with the borrowing base amended to CA$250 million—following the completion of the syndicate's semiannual review in May. At closing, taking into account the common share offering, there will be about CA$25 million drawn on the credit facilities.
Cardinal Energy Ltd. is based in Calgary, Alberta.
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