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Oil and Gas Discussion BB
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Investors Want More Cardinal26 May 2016 Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX:CJ) is pleased to announce that, due to strong demand, the Company has increased the size of its previously announced public offering to 6,500,000 common shares (the "Common Shares"), for aggregate gross proceeds to Cardinal of $60.8 million (the "Offering"). The Offering will be underwritten by a syndicate of underwriters (the "Underwriters") led by CIBC Capital Markets. The Underwriters will have an option to purchase up to an additional 650,000 Common Shares issued under the Offering to cover over-allotments, if any, exercisable in whole or in part at any time until 30 days after the closing date. The maximum gross proceeds that could be raised under the Offering is approximately $66.9 million should the over-allotment option be exercised in full. The Offering will be completed by way of short form prospectus in all provinces of Canada, and on a private placement basis in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended. The Offering is subject to normal regulatory approvals, including the Toronto Stock Exchange and is expected to close on or about June 15, 2016. This press release is not an offer of the Common Shares for sale in the United States. The Common Shares many not be offered or sold in the United States absent registration or an exemption from registration. The Common Shares will not be publicly offered in the United States. The Common Shares have not been and will not be registered under the U.S. Securities Act, or any state securities laws. |
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