Southern Energy Corp. announces the payment of interest in kind on its 8% convertible unsecured subordinated debentures

CALGARY, AB / ACCESSWIRE / June 25, 2024 / Southern Energy Company. (“From South“or the”Business“) (TSXV:SOU)(AIM:SOUC)(OTCQX:SOUTF) announces that the Company intends to issue 745,391 common shares of Southern (on “Ordinary actions“) to the 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 interest accrued on the debentures due on June 30, 2024 in an aggregate amount of $171,440.00 CAD (the “Interest payment“). The number of shares of common stock to be issued is equal to the amount of interest divided by the volume-weighted average price per share of common stock for the 20 consecutive trading days ending on the fifth trading day preceding the 30th. June 2024, or $0.23 per common share, Southern has notified Computershare Trust Company of Canada, as trustee of the debentures, of its intention to exercise its right to make interest payments by issuing shares. The payment of interest through the issuance of common shares remains subject to final acceptance by the TSX Venture Exchange.

Participation of the Director/PDMR

It should be noted that a certain director and PDMR of the Company holds convertible debentures, on the same terms as all other participants and, therefore, in total, 9,044 ordinary shares will be issued. Further details regarding the individual participation of the Director of the Company and PDMR are set out in the PDMR notification forms below.

Admission and total voting rights

New ordinary shares issued in respect of the interest payment will be credited as fully paid, ranking pari passu in all respects with the existing ordinary shares, and is expected to be admitted to trading on AIM at approximately 8:00 a.m. (GMT) on or about July 2, 2024 (“Admission“).

After admission, the total number of ordinary shares of the Company outstanding will be 167,242,824, and this figure may be used by shareholders as a denominator for calculations by which they will determine whether they are required to notify their interest. in, or a change. to their interest in the Company.

For more information about Southern, please visit our website at www.southernenergycorp.com or contact:

Southern Energy Company.

Ian Atkinson (President and CEO) +1 587 287 5401

Calvin Yau (CFO) +1 587 287 5402

Strand Hanson Limited – Appointed and Financial Advisor

James Spinney / James Bellman / Rob Patrick +44 (0) 20 7409 3494

Stifel Nicolaus Europe Limited – Joint Broker

Callum Stewart / Ashton Clanfield +44 (0) 20 7710 7600

The story continues

Tennyson Securities – Common 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 characterized by a stable, low-decline production base, a large, low-risk drilling inventory and strategic access to premium commodity prices in North America. Southern is primarily focused on the acquisition and development of conventional natural gas and light oil resources in the southeastern Gulf States of Mississippi, Louisiana and East Texas. Our management team has a long and successful history of collaboration and has created significant shareholder value through accretive acquisitions, the optimization of existing oil and natural gas fields and the employment of redevelopment strategies using techniques horizontal drilling and fracture completion in several stages.

NOTICE TO READERS

Forward-Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities laws. Forward-looking information generally contains statements containing words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future results or statements. regarding a perspective. 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 upon 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 accurate. Because forward-looking statements relate to 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 generally (e.g. operational risks related to development, exploration and production, uncertainty of estimates of reserves, uncertainty of estimates and projections relating to production, costs and expenditures). , 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, as well as health, safety and environmental risks; the impact of pandemics; constraint in the availability of labor, supplies or services; fluctuations in commodity prices and exchange rates; geopolitical risks, foreign political and economic instability and wars (including the Russian-Ukrainian war and the Israeli-Palestinian conflict); changes in legislation impacting the oil and gas industry; inflationary risks, including potential increases in operating and capital costs; adverse weather conditions or break-up conditions; and uncertainties resulting from potential delays or changes in plans regarding exploration or development projects or capital expenditures. The Russo-Ukrainian War and the Israeli-Palestinian conflict are particularly noteworthy, as these conflicts have the potential to disrupt global oil and gas supplies, and their full impact remains uncertain. Other risks to which the Company is exposed are set out in more detail in Southern’s annual information form for the year ended December 31, 2023 and in the Company’s most recent MD&A, copies of which are available under the SEDAR+ profile. of the Company at the address 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 publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable laws. securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Neither the 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 FORM

SOURCE: Southern Energy Company.

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