Southern Energy Corp. Announces Completion Of Share Consolidation And Total Voting Rights
CALGARY, AB / ACCESSWIRE / December 22, 2021 / Southern Energy Corp. (“Southern” or the “Company”) (SOU:TSXV) (AIM:SOUC), a U.S.-focused, growth-oriented natural gas producer, announces that, following the consolidation of its common shares, the Company now has a total of 77,112,652 common shares in issue (the “Consolidated Shares”).
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.
The Consolidated Shares will trade from this morning under the following ISIN, CUSIP and SEDOL codes:
Update on Recent Equity Offering
As previously announced by the Company on November 24, 2021, Southern recently completed an equity financing raising combined gross proceeds of US$10.1 million. Both the prospectus offering that took place in Canada (the “Canadian Offering”), and the private placement that took place in the U.K. (the “UK Placing”) involved the assistance of agents. The aggregate compensation paid to agents in connection with the Canadian Offering and the UK Placing was equal to C$324,504.00 and £106,532.35, respectively.
Due to the participation of certain directors, officers and other insiders of Southern, who are related parties of the Company pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”), the UK Placing constitutes a “related party transaction” within the meaning of MI 61-101. However, Southern has determined that the UK Placing is exempt from the formal valuation and minority approval requirements of MI 61-101 on the basis that the fair market value of the UK Placing to related parties did not exceed 25% of the market capitalization for the Company, in accordance with Sections 5.5 and 5.7 of MI 61-101.
For further information, please contact:
Southern Energy Corp. Ian Atkinson (President and CEO) Calvin Yau (VP Finance and CFO)
|+1 587 287 5401 +1 587 287 5402|
Strand Hanson Limited - Nominated & Financial Adviser James Spinney / James Bellman
Hannam & Partners - Joint Broker Samuel Merlin / Ernest Bell
Canaccord Genuity - Joint Broker Henry Fitzgerald-O'Connor / James Asensio
+44 (0) 20 7409 3494
+44 (0) 20 7907 8500
+44 (0) 20 7523 8000
Camarco James Crothers, Billy Clegg, Daniel Sherwen
|+44 (0) 20 3757 4980|
About Southern Energy Corp.
Southern Energy Corp. is a natural gas exploration and production company. Southern has a primary focus on acquiring and developing conventional natural gas and light oil resources in the southeast Gulf States of Mississippi, Louisiana, and East Texas. Our management team has a long and successful history working together and have created significant shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields and the utilization of re-development strategies utilizing horizontal drilling and multi-staged fracture completion techniques.
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements concerning the Consolidation. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Southern, including the timing of the receipt of the required regulatory and third-party approvals relating to the Consolidation and the time such post-Consolidation Shares will be trading on the TSXV and the AIM.
Although Southern believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risk that trading of the Common Shares on a post-Consolidation basis may not take effect when expected. Other risks faced by the Company are set out in more detail in Southern’s Annual Information Form for the year ended December 31, 2020, which is available under the Company’s SEDAR profile at www.sedar.com.
The forward-looking information contained in this press release is made as of the date hereof and Southern undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.
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SOURCE: Southern Energy Corp.
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