Cardinal Energy increases financing to $95.15-million

Executive Summary

• Cardinal Energy Ltd. has upsized its previously announced bought deal equity financing from $86.5 million to $95.15 million due to strong investor demand.
• The company is issuing 11 million common shares at an issue price of $8.65 per share, with gross proceeds of $95.15 million.
• The underwriters hold an overallotment option to purchase up to an additional 1.1 million shares, which would increase total gross proceeds to approximately $104.67 million if exercised in full.

Key Details

• Financing Structure: Bought deal equity financing co-led by RBC Capital Markets and CIBC Capital Markets acting as joint bookrunners.
• Share Count: 11 million common shares issued.
• Issue Price: $8.65 per common share.
• Gross Proceeds (Base): $95.15 million.
• Overallotment Option: Underwriters have an option to purchase up to 1.1 million additional common shares at the offering price, exercisable within 30 days of closing.
• Gross Proceeds (With Overallotment): Approximately $104.67 million if the option is exercised in full.
• Closing Date: Anticipated on or about February 4, 2026.
• Dividend Eligibility: The offering closes after the January 30, 2026, record date for a dividend payable on February 17, 2026; therefore, new purchasers under this offering are not eligible to receive that specific monthly dividend.
• Distribution Method: Distributed in all Canadian provinces (except Quebec) via a prospectus supplement to the base shelf prospectus dated March 28, 2024, and via private placement in the United States to qualified institutional buyers under Rule 144A.
• Regulatory Status: Subject to customary regulatory approvals, including Toronto Stock Exchange approval.
• Use of Proceeds: Remains as previously disclosed in the January 28, 2026, news release.