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CATHEDRAL ENERGY SERVICES ANNOUNCES PROCEEDS FROM WARRANT EXERCISE OF $ 16.0 MILLION
CATHEDRAL ENERGY SERVICES ANNOUNCES PROCEEDS FROM WARRANT EXERCISE OF $ 16.0 MILLION Ca...
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[{"type":"text","content":"\n \n \n \n CATHEDRAL ENERGY SERVICES ANNOUNCES PROCEEDS FROM WARRANT EXERCISE OF $ 16.0 MILLION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n May 8, 2023\n \n \n /CNW/ - Cathedral Energy Services Ltd. (TSX: CET) (\"\n \n Cathedral\n \n \" or the \"\n \n Company\n \n \" or \"\n \n CET\n \n \") is pleased to announce that the Company has received cumulative, aggregate proceeds of\n \n $ 16.0 million\n \n from the exercise of 18,837,888 common share purchase warrants that expired on\n \n April 25, 2023\n \n . The warrants had an exercise price of\n \n $0.85\n \n and were issued in connection with Cathedral's\n \n $26.4 million\n \n bought deal financing that closed on\n \n April 25, 2022\n \n . Each full warrant entitled the holder to one common share in the Company upon exercise. Approximately 99.7% of outstanding warrants were exercised, with 88.6% of the total exercised in April 2023. Following the warrant exercises, the Company has 242,025,173 common shares outstanding. The proceeds from the warrant exercise add to a balance sheet that has already strengthened considerably from\n \n July 2022\n \n when Cathedral purchased Altitude Energy Partners for $USD 100 million. Estimated loans and borrowings less cash as at\n \n March 31, 2023\n \n and including pro forma\n \n April 2023\n \n warrant proceeds stands at approximately\n \n $43.4 million\n \n , which compares to approximately\n \n $69.3 million\n \n as at\n \n December 31, 2022\n \n . Cathedral has used the proceeds realized in April to pay off the\n \n $13.0 million\n \n owing on its syndicated operating facility.\n \n \n Cathedral's President and CEO,\n \n Tom Connors\n \n said, \"The exercise of the vast majority of warrants is an endorsement by shareholders of our consolidation strategy and only strengthens our balance sheet and financial flexibility going forward as we continue to execute on our plan.\"\n \n \n \n MANAGEMENT UPDATE\n \n \n \n Cathedral also wishes to announce the addition of\...