TIDMSOUC
RNS Number : 9876S
Southern Energy Corp.
09 November 2023
SOUTHERN ENERGY CORP. ANNOUNCES
COMPLETION OF US$5 MILLION EQUITY FINANCING
Calgary, Alberta - November 9, 2023 - Southern Energy Corp.
("Southern" or the "Company") (TSXV:SOU) (AIM:SOUC) (OTCQX:SOUTF),
a U.S.-focused, growth-oriented natural gas producer, is pleased to
announce that it has closed its previously announced equity
financing for aggregate gross proceeds of US$5 million
(approximately GBP4.1 million, CAD$6.9 million) through the issue
of 26,630,000 new Common Shares at a price of C$0.26 or 15.5 pence
per Common Share. Defined terms used in this announcement have the
same meaning given to them as defined in the Company's announcement
released on 1 November 2023 unless otherwise defined herein.
The equity financing comprised of US$2.2 million via a
Prospectus Offering of 10,712,387 Common Shares, US$2.8 million via
a Placing of 15,853,097 Common Shares and US$0.01 million via a
direct subscription with the Company for 64,516 Common Shares. The
net proceeds of the Fundraising will be used by the Company to
accelerate the completion of its four drilled and uncompleted
wells, drilled as part of its Q1 2023 drilling campaign on its
Gwinville acreage.
Admission and Total Voting Rights
The new Common Shares issued pursuant to the Fundraising were
credited as fully paid, rank pari passu in all respects with the
existing Common Shares and were admitted to trading on AIM at 8.00
a.m. (GMT) today (" Admission ").
Following Admission of the Common Shares issued pursuant to the
financing, the total number of Common Shares in the Company in
issue is 165,718,160. 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 under the FCA's Disclosure Guidance
and Transparency Rules.
For further information, please contact :
Southern Energy Corp.
Ian Atkinson (President and CEO) +1 587 287 5401
Calvin Yau (CFO) +1 587 287 5402
+44 (0) 20 7409
Strand Hanson Limited - Nominated & Financial 3494
Adviser
James Spinney / James Bellman
+44 (0) 20 7710
Stifel Nicolas Europe Limited - Joint Broker 7600
Callum Stewart / Ashton Clanfield / Simon
Mensley
+44 (0) 20 7186
Tennyson Securities - Joint Broker 9033
Peter Krens / Pav Sanghera
Camarco +44 (0) 20 3757
Owen Roberts, Billy Clegg, Hugo Liddy 4980
About Southern Energy Corp.
Southern Energy Corp. is a natural gas exploration and
production company characterized by a stable, low-decline
production base, a significant low-risk drilling inventory and
strategic access to premium commodity pricing in North America.
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 Statements
Certain information included in this announcement 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 announcement may include, but
is not limited to, statements concerning the use of proceeds of the
Offering, the Company's business strategy, objectives, strength and
focus and the Company's capital program for the remainder of
2023.
The forward-looking statements contained in this announcement
are based on certain key expectations and assumptions made by
Southern, including the timing of and success of future drilling,
development and completion activities, the performance of existing
wells, the performance of new wells, the availability and
performance of facilities and pipelines, the geological
characteristics of Southern's properties, the characteristics of
its assets, the successful application of drilling, completion and
seismic technology, benefits of current commodity pricing hedging
arrangements, prevailing weather conditions, prevailing legislation
affecting the oil and gas industry, commodity prices, royalty
regimes and exchange rates, the application of regulatory and
licensing requirements, the availability of capital, labour and
services, the creditworthiness of industry partners and the ability
to source and complete asset acquisitions.
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, the risk
that the Company may apply the proceeds of the Offering differently
than as stated herein depending on future circumstances; 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, and health,
safety and environmental risks), constraint in the availability of
services, commodity price and exchange rate fluctuations,
geo-political risks, political and economic instability abroad,
wars (including Russia's military actions in Ukraine and the
Israel-Palestinian conflict), increased operating and capital costs
due to inflationary pressures, 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. These and other risks are set out in more detail in
the Prospectus Supplement, the Base Shelf Prospectus and Southern's
most recent management's discussion and analysis and annual
information form, which are available under the Company's SEDAR+
profile at www.sedarplus.ca.
The forward-looking information contained in this announcement
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 announcement 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.
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END
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(END) Dow Jones Newswires
November 09, 2023 09:15 ET (14:15 GMT)
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