Cathedral Energy Services Closes Bought Deal Equity Financing

Cathedral Energy Services Ltd CET CETEF closed its previously announced "bought deal" short form prospectus offering.
The company issued an aggregate of 37.78 million units for C$0.70 per unit for aggregate gross proceeds of C$26.45 million.
Each unit comprises one common share and one-half of one common share purchase warrant. Each Warrant will be exercisable to acquire one additional common share for 12 months following the closing at an exercise price of $0.85 per Warrant Share,
Cathedral Energy plans to use the net proceeds for general corporate and working capital purposes, capital expenditures, and the repayment of approximately half of the term loan under its amended and restated credit agreement.
Certain insiders of Cathedral have participated in the Offering and were issued 10.7 million units.
Price Action: CET shares are trading lower by 9.76% at C$0.74 on TSX, and CETEF is lower by 2.61% at $0.59 on the last check Monday.