Cardinal Energy Ltd. Announces Closing of $104.7 Million Bought Deal Offering of Common Shares

Executive Summary

• Cardinal Energy completed an upsized bought‑deal offering of common shares, issuing 12.1 million shares at $8.65 each for gross proceeds of approximately $104.7 million.
• Insiders purchased $3.5 million of the offered shares.
• Net proceeds will be used to repay/reduce senior credit facility debt, accelerate development of the second thermal oil project at Reford, and fund general corporate purposes.

Key Details

• Offering Structure: Bought‑deal offering co‑led by RBC Capital Markets and CIBC Capital Markets, with participation from ATB Capital Markets, BMO Capital Markets, Peters & Co. Limited, and Raymond James Ltd.
• Shares Issued: 12.1 million common shares (including 1.1 million over‑allotment shares).
• Issue Price: $8.65 per share.
• Gross Proceeds: Approximately $104.7 million.
• Insider Participation: Insiders acquired $3.5 million of the common shares; treated as a related‑party transaction under MI 61‑101, exempt from formal valuation/minority approval because fair market value ≤25 % of market cap.
• Use of Proceeds:
• Repayment and reduction of outstanding indebtedness under senior credit facility.
• Redraw of the facility to accelerate development of the second thermal oil project at Reford.
• General corporate purposes.
• Regulatory Filings: Shares offered pursuant to a prospectus supplement dated January 30, 2026, referencing the short‑form base shelf prospectus filed March 28, 2024 (excluding Quebec).
• U.S. Offering Disclaimer: Not an offer of securities in the United States; securities not registered under the U.S. Securities Act.

Notable Quotes

(No direct quotes were provided in the release.)