11:37 AM EST, 01/03/2025 (MT Newswires) -- Cardinal Energy (CJ.TO) on Friday said it completed a $60-million unit offering, including the full exercise of the over-allotment option.

Each unit is made up of a senior subordinated unsecured debenture with a par value of $1,000 and 65 warrants. Each three-year warrant entitles the holder to acquire one share at $7 each.

Cardinal will use the proceeds to pay down its senior credit facility, further develop its Reford thermal project and for general corporate purposes.

The company's shares were last seen up $0.05 to $6.71 on the Toronto Stock Exchange.

Price: 6.71, Change: +0.05, Percent Change: +0.75