Southern Energy Corp. Announces Completion Of Share Consolidation And Total Voting Rights
CALGARY, AB / ACCESSWIRE / December 22, 2021 / Southern Energy Corp. ("Southern" or the "Company") (SOU:TSXV) (AIM:SOUC), a U.S.-focused, growth-oriented natural gas producer, announces that, following the consolidation of its common shares, the …
CALGARY, AB / ACCESSWIRE / December 22, 2021 / Southern Energy Corp. ("Southern" or the "Company") (SOU:TSXV) (AIM:SOUC), a U.S.-focused, growth-oriented natural gas producer, announces that, following the consolidation of its common shares, the Company now has a total of 77,112,652 common shares in issue (the "Consolidated Shares").
The above 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.
The Consolidated Shares will trade from this morning under the following ISIN, CUSIP and SEDOL codes:
ISIN: CA8428133059
CUSIP: 842813305
SEDOL: BNYL355
Update on Recent Equity Offering
As previously announced by the Company on November 24, 2021, Southern recently completed an equity financing raising combined gross proceeds of US$10.1 million. Both the prospectus offering that took place in Canada (the "Canadian Offering"), and the private placement that took place in the U.K. (the "UK Placing") involved the assistance of agents. The aggregate compensation paid to agents in connection with the Canadian Offering and the UK Placing was equal to C$324,504.00 and £106,532.35, respectively.
Due to the participation of certain directors, officers and other insiders of Southern, who are related parties of the Company pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the UK Placing constitutes a "related party transaction" within the meaning of MI 61-101. However, Southern has determined that the UK Placing is exempt from the formal valuation and minority approval requirements of MI 61-101 on the basis that the fair market value of the UK Placing to related parties did not exceed 25% of the market capitalization for the Company, in accordance with Sections 5.5 and 5.7 of MI 61-101.
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For further information, please contact:
Southern Energy Corp. |
+1 587 287 5401 +1 587 287 5402 |
Strand Hanson Limited - Nominated & Financial Adviser
Hannam & Partners - Joint Broker |