Cardinal Resources Approves Sale of Ukrainian Assets to Kuwait Energy Company

According to Ukrainian News, shareholders of Cardinal Resources (CDL LN: N/R) approved the sale of its Ukrainian assets at their December 13 EGM to Kuwait Energy Company. The deal stipulates selling 100% stakes in Carpatsky Petroleum Inc, Raget Commercial Ltd, and Mitre Resources Ltd. The transaction requires the approval of Ukraine’s Antimonopoly Committee. Proceeds from the sale will be directed at repaying the company’s debt. Cardinal Resources said that it intends to operate as an investment company after the sale.