Please contact us via email at info@cardinalenergy.ca or our exchange agent,
The new debentures will be similar in all material ways to the existing debentures except that, the new debentures:
- will have a maturity date of
December 31, 2022 , compared toDecember 31, 2020 , for the existing debentures; - will bear interest at the rate of 8.00% per annum, payable in equal instalments semi-annually in arrears on
June 30 andDecember 31 in each year, compared to 5.50% for the existing debentures; - will be convertible into our common shares at a conversion price (as defined in the Indenture) of
$1.25 per share, compared to$10.50 per share for the existing debentures; - will not be redeemable by us prior to
December 31, 2020 ; and - as a consequence of the reduction in the conversion price, will have a different number of additional shares that are payable in connection with a change of control of us in certain circumstances.
The amendments and the terms of the exchange right are more fully described in our information circular dated
We have the right, in our sole discretion, at any time or from time to time, to extend the period of time during which the exchange right is open, and to vary the terms of the exchange right. We also have the right, in our sole discretion, prior to the expiry time: (a) to not exchange and return all tendered debentures to the holders thereof; and/or (b) at any time or from time to time, to vary the terms of the exchange right in any respect, subject to compliance with the indenture governing the debentures, as amended.
About
One of Cardinal's goals is to continually improve our Environmental, Safety and Governance mandate and operate our assets in a responsible and environmentally sensitive manner. As part of this mandate, Cardinal injects and conserves more carbon than it directly emits making us one of the few Canadian energy companies to have a negative carbon footprint.
Cardinal is a Canadian oil focused company with operations focused on low decline light, medium and heavy quality oil in
For further information:
Email: info@cardinalenergy.ca
Phone: (403) 234-8681
Website: www.cardinalenergy.ca
Source:
2020 GlobeNewswire, Inc., source