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Cardinal Energy raises $3.5 million in private placement financing


Published Apr 23, 2014
Cardinal Energy Group, Inc.

Cardinal Energy Group, Inc. has sold $3.5 million of 12% senior secured convertible notes maturing December 31, 2015 to accredited investors. Due to the placement being oversubscribed, the Company will be placing an additional $1.5 million with accredited investors, bringing the total amount to $5 million. The additional notes will be issued at the same terms. Proceeds will be used to re-work and recomplete its 78 wells located in Texas, fund strategic acquisitions, and for working capital.

The Senior Secured Convertible Notes bear interest at a rate of 12.0% per year, payable on July 31st and January 31st until they mature on December 31, 2015 (the "Maturity Date") or are converted. In addition, holders of the Senior Secured Convertible Notes will be paid on or prior to the 10th day of each month following the close of a calendar quarter a "Net Revenue Interest" payment equal to 2% of the net proceeds from the operation of the projects as determined by the Company.

Tags: Cardinal Energy Group




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