BRIEF-Cardinal Energy says agreed to $50 mln bought deal financing

Wed May 25, 2016 5:36pm EDT
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May 25 (Reuters) - Cardinal Energy Ltd

* Underwriters will have option to purchase additional 535,000 common shares issued under offering to cover over-allotments

* Cardinal Energy Ltd says intends to use net proceeds of offering to initially reduce indebtedness

* Underwriters agreed to purchase for resale to public, on a bought deal basis, 5.4 million shares for $9.35 per common share

* Following closing of offering, Cardinal expects to increase its base capital expenditure budget and update its 2016 guidance

* Net bank debt, following closing of offering, is expected to be approximately $40 million

* Cardinal Energy Ltd. Announces $50 million bought deal financing Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)