Cardinal Energy Group, Inc. (OTCPK:CEGX) announced a private placement of 4,600,000 series D preferred shares at a price of $1 per share for gross proceeds of $4,600,000 with new investor, EOI Eagle Operating, Inc. on April 12, 2017. The preferred shares carries a fixed coupon of 5% per annum, payable semi-annually. The dividend is cumulative and may be paid or accrued by the company, in its sole discretion. Any holder of the preferred shares may elect to have all accrued but unpaid dividends be paid to them in cash prior to any conversion of the applicable shares of preferred shares. The preferred shares are convertible into 55% of the issued and outstanding common shares of the company.