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CALGARY, Alberta – Cardinal Energy Ltd. (“ Cardinal ” or the “ Company “) ( TSX: CJ ; CJ.DB.A) is pleased to announce that it is issuing a notice of redemption to holders of its currently outstanding $28,207,000 8% Convertible Unsecured Subordinated Debentures due December 31, 2022 (the “ Debentures “). The Debentures are not subject to a pre-payment penalty. As set out in the notice of redemption, Cardinal will redeem, as of March 11, 2021 (“ Redemption Date “), all of the aggregate principal amount of the Debentures for cash. On the Redemption Date, Cardinal will pay the aggregate principal amount of the Debentures (being $1,000 for each Debenture) plus all accrued and unpaid interest thereon to but excluding the Redemption Date (less any tax required to be deducted) (collectively, the “ Redemption Price “). The Debentures are listed on the Toronto Stock Exchange (the “ TSX “) under the symbol “CJ.DB.A” (CUSIP 14150GAB9). Holders of the Debentures have the right to convert their Debentures, at their option, into common shares of Cardinal (“ Cardinal Shares “) at a conversion price of $1.25 per Cardinal Share at any time prior 5:00 p.m. Toronto time on March 10, 2021. […]
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