REG - Southern Energy Corp - SHARE CONSOLIDATION AND TOTAL VOTING RIGHTS

Southern EnergyAnnouncement

22/12/2021 07:10

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RNS Number : 4699W  Southern Energy Corp.  22 December 2021

 

SOUTHERN ENERGY CORP. ANNOUNCES

COMPLETION OF SHARE CONSOLIDATION AND TOTAL VOTING RIGHTS

 

Calgary, Alberta - 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:

ISIN: CA8428133059

CUSIP: 842813305

SEDOL: BNYL355

 

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)                           +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.
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 (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.

 

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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