On December 20, 2024, Cardinal Energy Ltd. raised $50 million through an offering of 50,000 units priced at $1,000 each, consisting of 7.75% senior unsecured debentures maturing in 2030 and 65 warrants per unit exercisable at $7.00 per share. Net proceeds of $47.5 million were allocated to debt repayment and project funding.

The underwriting syndicate included CIBC World Markets Inc., ATB Securities Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Peters & Co. Limited, Canaccord Genuity Corp., iA Private Wealth Inc., Raymond James Ltd., and Haywood Securities Inc. Legal counsel was provided by Burnet, Duckworth & Palmer LLP for Cardinal and Blake, Cassels & Graydon LLP for the underwriters.

The deal closed on January 3, 2025.