REG - Southern Energy Corp - WARRANT AMENDMENT AND TOTAL VOTING RIGHTS

Southern EnergyAnnouncement

03/05/2023 07:00

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RNS Number : 1896Y  Southern Energy Corp.  03 May 2023

SOUTHERN ENERGY CORP. ANNOUNCES

WARRANT AMENDMENT AND TOTAL VOTING RIGHTS UPDATE

 

Calgary, Alberta - May 3, 2023 - Southern Energy Corp. ("Southern" or the
"Company") (TSXV:SOU) (AIM:SOUC) (OTCQX:SOUTF) has extended the expiration
date of its common share purchase warrants (the "Warrants") issued under the
non-brokered private placement (the "April 2021 Private Placement") of units
(each, a "Unit") of the Company, which closed on April 29, 2021, from April
29, 2023 to December 31, 2023. This amendment is being implemented by the
Company to encourage the exercise of the Warrants and to aide in the liquidity
and trading of the common shares ("Common Shares") of the Company.

 

Each Unit issued under the April 2021 Private Placement was comprised of one
Common Share and one Warrant. Each Warrant entitled the holder thereof to
purchase one Common Share at an exercise price of CAD0.32 anytime prior to
April 29, 2023. This amendment permits holders of such Warrants to exercise
their Warrants anytime prior to December 31, 2023.

 

As of the date hereof, of the 17,078,125 Warrants issued under the April 2021
Private Placement, 8,331,250 have been exercised and 8,746,875 remain
unexercised. Of the Warrants that remain unexercised, 1,943,750 are held by
Directors/PDMRs of the Company. The extension remains subject to final
approval from the TSX Venture Exchange.

 

Total Voting Rights Update

 

Further to the Company's announcements on 6 May 2022 and 23 August 2022
regarding the application to AIM for a total block admission of 18,863,750 new
Common Shares in the Company (the "Block Admission"), a monthly update to the
Company's total voting rights as a result of the exercise of instruments
subject to the Block Admission during April 2023.

 

As at 30 April 2023, Southern had 139,041,285 Common Shares in issue. This
figure may be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of the
Company, under the FCA's Disclosure Guidance and Transparency Rules. 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.

 

For further information, please contact:

 Southern Energy Corp.

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

 Calvin Yau (CFO)                                           +1 587 287 5402

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

 James Spinney / James Bellman

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

 Henry Fitzgerald-O'Connor / James Asensio
 Stifel Nicolaus Europe Limited - Joint Broker              +44 (0) 20 7710 7600

 Callum Stewart / Ashton Clanfield

 Tennyson Securities - Joint Broker                         +44 (0) 20 7186 9033

 Peter Krens / Pav Sanghera

 Camarco                                                    +44 (0) 20 3757 4980

 Owen Roberts / Billy Clegg / Hugo Liddy

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.

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.

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