CALGARY, AB, May 8, 2023 /CNW/ - Cathedral Energy Services Ltd. (TSX: CET) ("Cathedral" or the "Company" or "CET") is pleased to announce that the Company has received cumulative, aggregate proceeds of $ 16.0 million from the exercise of 18,837,888 common share purchase warrants that expired on April 25, 2023. The warrants had an exercise price of $0.85 and were issued in connection with Cathedral's $26.4 million bought deal financing that closed on April 25, 2022. 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 July 2022 when Cathedral purchased Altitude Energy Partners for $USD 100 million. Estimated loans and borrowings less cash as at March 31, 2023 and including pro forma April 2023 warrant proceeds stands at approximately $43.4 million, which compares to approximately $69.3 million as at December 31, 2022. Cathedral has used the proceeds realized in April to pay off the $13.0 million owing on its syndicated operating facility.