Cardinal Energy completes redemption of 8% convertibles

By Taylor Fox

New York, March 12 – Cardinal Energy Ltd. completed the redemption of C$194,000 of its 8% convertible unsecured subordinated debentures due Dec. 31, 2022, according to a news release.

The redemption was funded through Cardinal’s credit facility.

Prior to the redemption, Cardinal issued 22.41 million common shares upon the voluntary conversion of C$28,013,000 of the debentures, or 99.3% of the outstanding debentures.

Calgary, Alta.-based Cardinal Energy is an oil-focused company with operations in Alberta.

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