TIDMSOUC
RNS Number : 8484X
Southern Energy Corp.
27 December 2023
SOUTHERN ENERGY CORP. ANNOUNCES
PAYMENT OF INTEREST IN-KIND TO ITS 8% CONVERTIBLE UNSECURED
SUBORDINATED DEBENTURES
Calgary, Alberta - December 27, 2023 - Southern Energy Corp.
("Southern" or the "Company") (SOU: TSXV) (AIM:SOUC) (OTCQX:SOUTF)
announces that the Company has agreed to issue, in aggregate,
779,273 new common shares of 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, 2023 in the aggregate amount of
CAD$171,440 (the "Interest Payment"). The number of new Common
Shares to be 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, 2023, being CAD$0.22 per Common Share.
Southern gave notice to Computershare Trust Company of Canada, as
debenture trustee, effective December 31, 2023, 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, 9,455
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 and Total Voting Rights
The new Common Shares issued in respect of the Interest Payment
will be credited as fully paid, rank pari passu in all respects
with the existing Common Shares, and are expected to be admitted to
trading on AIM on or around 8.00 a.m. (GMT) on or around 3 January
2024 ("Admission").
Following Admission, the total number of Common Shares in the
Company in issue will be 166,497,433, and this 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.
For further information about Southern, please visit our website
at www.southernenergycorp.com or contact:
Southern Energy Corp.
Ian Atkinson (President & 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
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.
READER ADVISORY
Forward Looking Statements. 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, the uncertainty of reserve estimates,
the uncertainty of estimates and projections relating to
production, costs and expenses, regulatory risks, and health,
safety and environmental risks); the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and
environmental risks; the impact of pandemics; constraint in the
availability of labour, supplies or services; commodity price and
exchange rate fluctuations; geo-political risks, political and
economic instability abroad and wars (including the Russo-Ukrainian
war and the Israel-Palestinian conflict); changes in legislation
impacting the oil and gas industry; inflationary risks, including
potential increases to operating and capital costs; 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. The Russo-Ukrainian
war and the Israel-Palestinian conflict are particularly
noteworthy, as these conflicts have the potential to disrupt the
global supply of oil and gas, and their full impact remains
uncertain. Other risks faced by the Company are set out in more
detail in Southern's Annual Information Form for the year ended
December 31, 2022, which is available under the Company's SEDAR+
profile at www.sedarplus.ca . 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
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Neil Smith
-------------------------- -------------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------
a) Position/status Non-Executive Director
-------------------------- -------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- -------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Southern Energy Corp.
-------------------------- -------------------------------------------
b) LEI 213800R25GL7J3EBJ698
-------------------------- -------------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Common shares in Southern Energy Corp.
financial instrument,
type of instrument
Identification code CA8428131059
b) Nature of the transaction Issuance of new common shares
-------------------------- -------------------------------------------
c) Price(s) and volume(s) 9,455 common shares at a price of CAD$0.22
d) Aggregated information N/A
e) Date of the transaction 27 December 2023
-------------------------- -------------------------------------------
f) Place of the transaction Outside of a trading venue
-------------------------- -------------------------------------------
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END
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