Southern Energy Corp. WARRANT AMENDMENT AND TOTAL VOTING RIGHTS (1896Y)
03 May 2023 - 4:00PM
UK Regulatory
TIDMSOUC
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
James Spinney / James Bellman +44 (0) 20 7409 3494
Canaccord Genuity - Joint Broker
Henry Fitzgerald-O'Connor / James Asensio +44 (0) 20 7523 8000
Stifel Nicolaus Europe Limited - Joint Broker
Callum Stewart / Ashton Clanfield +44 (0) 20 7710 7600
Tennyson Securities - Joint Broker
Peter Krens / Pav Sanghera +44 (0) 20 7186 9033
Camarco
Owen Roberts / Billy Clegg / Hugo Liddy +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.
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