TIDMSOUC
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
+44 (0) 20 7409
Strand Hanson Limited - Nominated & Financial 3494
Adviser
James Spinney / James Bellman
+44 (0) 20 7907
Hannam & Partners - Joint Broker 8500
Samuel Merlin / Ernest Bell
Canaccord Genuity - Joint Broker +44 (0) 20 7523
Henry Fitzgerald-O'Connor / James Asensio 8000
Camarco +44 (0) 20 3757
James Crothers, Billy Clegg, Daniel Sherwen 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
.
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 Initial notification
/Amendment
-------------------------- --------------------------------------------
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 Common shares in Southern Energy Corp.
financial instrument,
type of instrument
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 Initial notification
/Amendment
-------------------------- ---------------------------------------------
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 Common shares in Southern Energy Corp.
financial instrument,
type of instrument
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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END
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