REG - Southern Energy Corp - Issue of shares

Southern EnergyAnnouncement

31/12/2021 07:00

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RNS Number : 1209X  Southern Energy Corp.  31 December 2021

 

SOUTHERN ENERGY CORP. ANNOUNCES

PAYMENT OF INTEREST IN-KIND TO ITS 8% CONVERTIBLE UNSECURED

SUBORDINATED DEBENTURES

 

Calgary, Alberta - December 31, 2021 - Southern Energy Corp. ("Southern" or
the "Company") (SOU: TSXV) (AIM:SOUC) announces that the Company intends to
issue 1,009,206 new common shares in Southern (the "Common Shares") to holders
of its 8% convertible unsecured subordinated debentures issued on June 14,
2019 and January 15, 2021 (collectively, the "Debentures") as payment in kind
of accrued interest on the Debentures due on December 31, 2021 in the
aggregate amount of CAD$335,560 (the "Interest Payment"), subject to final
approval from the TSX Venture Exchange. The number of Common Shares issued is
equal to the amount of the interest, divided by the volume weighted average
trading price per Common Share for the 20 consecutive trading days ending on
the fifth trading day preceding December 31, 2021, being CAD$0.3325 per Common
Share. Southern gave notice to Computershare Trust Company of Canada, as
debenture trustee, effective December 31, 2021, that it exercised its right to
make the Interest Payment by issuing Common Shares.

 

Director/PDMR Participation

It is noted that certain Directors and PDMRs of the Company hold Convertible
Debentures, on the same terms as all other participants, and, accordingly,
were issued, in aggregate, 18,767 Common Shares were issued. Further details
regarding individual participation of the Company's Directors and PDMRs is set
out in the PDMR notification forms below.

Admission to AIM

Application has been made to the London Stock Exchange to admit 1,009,206 new
Common Shares to trading on AIM, which is expected to occur on or around 5
January 2022 ("Admission"). The new Common Shares will rank pari passu with
the existing Common Shares.

Following Admission, the issued share capital of the Company will be
78,121,858 Common Shares and this figure may be used by shareholders as a
denominator for the calculations by which they will determine if they are
required to notify their interest in or change to their interest in the
Company. There are no Common Shares held in treasury and each Common Share
entitles the holder to a single vote at general meetings of the Company.
Accordingly, on Admission, the total number of voting rights in the Company
will be 78,121,858.

For further information, please contact:

 

 Southern Energy Corp.

 Ian Atkinson (President and CEO)                           +1 587 287 5401

 Calvin Yau (VP Finance and CFO)                            +1 587 287 5402

 Strand Hanson Limited - Nominated & Financial Adviser      +44 (0) 20 7409 3494

 James Spinney / James Bellman

 Hannam & Partners - Joint Broker                           +44 (0) 20 7907 8500

 Samuel Merlin / Ernest Bell

 Canaccord Genuity - Joint Broker                           +44 (0) 20 7523 8000

 Henry Fitzgerald-O'Connor / James Asensio

 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.

Forward-Looking Information

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.
The forward-looking statements contained in this press release are based on
certain key expectations and assumptions made by Southern. 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 Southern 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: risks associated with the oil and gas industry in general (e.g.,
operational risks in development, exploration and production); continuing
negative effects of the COVID-19 pandemic on general market conditions and
commodity prices; continuing destabilizing action from OPEC+ members causing
further decline in oil prices; the uncertainty of reserve estimates; the
uncertainty of estimates and projections relating to production, costs and
expenses, and health, safety and environmental risks, especially given public
health concerns arising from the COVID-19 pandemic; constraint in the
availability of services; commodity price and exchange rate fluctuations;
changes in legislation impacting the oil and gas industry; adverse weather or
break-up conditions; and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development projects or
capital expenditures. 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
(http://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.

 

 

 

PDMR NOTIFICATION FORMS

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Neil Smith
 2   Reason for the notification
 a)  Position/status                                              Director
 b)  Initial notification /Amendment                              Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Southern Energy Corp.
 b)  LEI                                                          213800R25GL7J3EBJ698
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Common shares in Southern Energy Corp.

     Identification code                                          CA8428133059

 b)  Nature of the transaction                                    Issuance of new common shares
 c)  Price(s) and volume(s)                                       6,256 common shares at a price of CAD0.3325
 d)  Aggregated information                                       N/A

 e)  Date of the transaction                                      31 December 2021
 f)  Place of the transaction                                     Outside of a trading venue

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Mike Kohut
 2   Reason for the notification
 a)  Position/status                                              Director
 b)  Initial notification /Amendment                              Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Southern Energy Corp.
 b)  LEI                                                          213800R25GL7J3EBJ698
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Common shares in Southern Energy Corp.

     Identification code                                          CA8428133059

 b)  Nature of the transaction                                    Issuance of new common shares
 c)  Price(s) and volume(s)                                       12,511 common shares at a price of CAD0.3325
 d)  Aggregated information                                       N/A

 e)  Date of the transaction                                      31 December 2021
 f)  Place of the transaction                                     Outside of a trading venue

 

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