Cardinal Energy Ltd. Announces Strategic Acquisition
The Acquisition is expected to close on or before July 15, 2021.
- The Acquisition is expected to close on or before July 15, 2021.
- With Cardinal's previously released increased budget combined with the Acquisition, average fourth quarter 2021 production is targeted to average approximately 21,500 boe/d, a 21% increase over our original 2021 budget.
- In conjunction with the Acquisition, Cardinal intends to issue up to $12.5 million principal amount of subordinated second lien secured notes (the "Notes") which will bear interest at 10% per annum and have a three year term (the "Note Financing").
- As part of the Note Financing, Cardinal has also agreed to issue one common share purchase warrant ("Warrant") for each $5.00 principal amount of Notes.