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Published on October 24th, 2012 | by Ted Liu

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Cardinal Energy secures new financing

Cardinal Energy Ltd., a Calgary based oil & gas company, has closed a new round of financing, raising $ (Premium contents. Be first to know: Subscribe) million through a brokered and a non-brokered private placement. (subscriber only contents)

GMP Securities L.P., BMO Capital Markets, Macquarie Capital Markets Canada Ltd., and Desjardins Capital Markets acted as agents for the brokered part of the placement.

Cardinal Energy has raised $ (Premium contents. Be first to know: Subscribe) million since September 2012.

Burnet, Duckworth & Palmer LLP acts as legal counsel to Cardinal Energy.

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Founded by former executives of Midway Energy Ltd. (formerly TSX: MEL), Cardinal Energy is being led by Chairman & CEO, Scott Ratushny, Shane Peet, COO, Doug Smith, CFO, Craig Kolochuk, VP of Land, who also held same positions with Midway Energy.

In April 2012, Whitecap Resources Inc. (TSX: WCP) acquired Midway Energy for approximately $490.2 million, including $111.4 million in cash, assumed debt and working capital deficit of $132.4 million and the issuance of 32.1 million Whitecap common shares.

photo courtesy benklocek

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About the Author

Ted is an editor of CanadianPrivateEquity.com and Research Director for CVCA - Canada's Venture Capital and Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.



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