UPDATE RE SHARE CONSOLIDATION

RNS Number : 4089W

Southern Energy Corp.

21 December 2021

 

SOUTHERN ENERGY CORP. ANNOUNCES
UPDATE RE SHARE CONSOLIDATION

Calgary, Alberta - December 21, 2021 - Southern Energy Corp. ("Southern" or the "Company") (SOU: TSXV) (AIM: SOUC), a U.S.-focused, growth-oriented natural gas producer, is pleased to confirm that its proposed share consolidation (the "Consolidation") announced on December 10, 2021 has been approved by the TSX Venture Exchange ("TSX-V"), with trading in the post-Consolidation Shares to commence at market open on December 22, 2021 on both AIM and the TSX-V.

The 616,901,068 existing Common Shares currently issued and outstanding will be reduced on the basis of one post-consolidation Common Share for every eight pre-consolidation Common Shares to approximately 77,112,652 Common Shares on a post-Consolidation basis ("Consolidated Shares"). The final aggregate number of Consolidated Shares, taking into account fractional adjustments, will be announced prior to market open tomorrow morning.

The Consolidated Shares will trade from tomorrow morning under the following new ISIN, CUSIP and SEDOL codes:

ISIN: CA8428133059

CUSIP: 842813305

SEDOL: BNYL355

For more information on the Consolidation, shareholders are encouraged to refer to the management information circular of the Company dated June 16, 2021, which is available on Southern's SEDAR profile at www.sedar.com .

For further information, please contact :

Southern Energy Corp. Ian Atkinson (President and CEO) Calvin Yau (VP Finance and CFO)	[phone] [phone]
Strand Hanson Limited - Nominated & Financial Adviser James Spinney / James Bellman  Hannam & Partners - Joint Broker Samuel Merlin / Ernest Bell Canaccord Genuity - Joint Broker Henry Fitzgerald-O'Connor / James Asensio	[phone] [phone] [phone]
Camarco James Crothers, Billy Clegg, Daniel Sherwen	[phone]

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. Forward-looking information in this press release may include, but is not limited to, statements concerning the Consolidation, . The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Southern, including the timing of the receipt of the required regulatory and third-party approvals relating to the Consolidation, and the time such post-Consolidation Shares will be trading on the TSXV and the AIM.

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 the Company 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 trading of the Common Shares on a post-Consolidation basis may not take effect when expected. 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.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

 

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