TSX:CJOil and Gas
How Cardinal’s C$95 Million Equity Raise At Cardinal Energy (TSX:CJ) Has Changed Its Investment Story
Cardinal Energy Ltd. recently completed a follow-on equity offering, raising C$95.15 million by issuing 11,000,000 common shares at C$8.65 each under Rule 144A, following an earlier filing for a smaller amount.
This transaction, which included a change in co-lead underwriter to CIBC Capital Markets, expands Cardinal Energy’s financial flexibility while diluting existing shareholders’ ownership stakes.
Next, we examine how this sizeable equity raise, and the dilution it brings, influences...