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Cardinal Energy Ltd. Announces Closing of Private Placement

CALGARY, Alberta, Dec. 30, 2020 (GLOBE NEWSWIRE) -- Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) announces that it has closed the non-brokered private placement (the "Private Placement") of 2nd lien secured notes for gross proceeds of $16,244,000 and 8,122,000 units (the "Units") at a subscription price of $0.50 per Unit for proceeds of $4,061,000 as announced on December 2, 2020. The proceeds from the Private Placement will be used to repay Cardinal's outstanding 5.50% convertible subordinated debentures which are maturing on December 31, 2020 and for general corporate purposes. Read More

from Financial Post https://ift.tt/3aW5MyP
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