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THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, JAPAN, NEW ZEALAND, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE: (A) A PROSPECTUS OR OFFERING MEMORANDUM; (B) AN ADMISSION DOCUMENT PREPARED IN ACCORDANCE WITH THE AIM RULES; OR (C) AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF SOUTHERN ENERGY CORP. IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (REGULATION 596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
DEFINED TERMS USED IN THIS ANNOUNCEMENT HAVE THE SAME MEANING GIVEN TO THEM AS DEFINED IN THE COMPANY’S ANNOUNCEMENT RELEASED AT 17:47 (BST) ON 28 OCTOBER 2021 UNLESS OTHERWISE DEFINED HEREIN.
CALGARY, AB / ACCESSWIRE / November 19, 2021 / Southern Power Corp. (“Southern” or the “Firm“) (TSXV:SOU)(AIM:SOUC), a U.S.-focused, growth-oriented pure fuel producer, is happy to offer an replace following the announcement made on 28 October 2021 relating to its fairness financing.
Additional to the earlier announcement, the Firm has raised, in mixture, c. US$10 million (earlier than bills) by the providing of 114,944,000 Widespread Shares at a worth of C$0.05 per Widespread Share pursuant to the Prospectus Providing led by Eight Capital, 93,899,553 new Widespread Shares at a worth of two.94 pence per Widespread Share pursuant to the Putting, and 41,156,461 new frequent shares at a worth of two.94 pence per Widespread Share pursuant to a direct subscription with the Firm (the “Subscription“) (collectively, the “Providing“). The Firm has filed a ultimate brief type prospectus in reference to a Prospectus Providing.
Highlights:
(collectively, the “Providing Shares“)
-
The web proceeds of the Providing can be used to drill as much as three horizontal Selma Chalk wells within the Gwinville area, anticipated to start in This autumn 2021 and for working capital and common company functions
-
Individuals within the Providing embrace each new and current institutional shareholders, in addition to sure administrators and senior managers of the Firm
-
Completion of the fairness financing will introduce new UK-based traders and is predicted to offer extra liquidity to the Firm’s Widespread Shares on AIM
Ian Atkinson, President and CEO of Southern, commented:
“We’re delighted to offer this replace relating to our beforehand introduced fairness financing, which is able to increase over c. US$10 million for the Firm.
“The funds raised will instantly be deployed to drive worth, with new manufacturing anticipated to be added in Q1 2022. Assuming the drilling program is profitable, these extra Gwinville wells will add instant money stream to the enterprise throughout a interval of sturdy commodity costs.
“I wish to thank each new and current shareholders for his or her assist throughout this course of, as we proceed to construct a sturdy, extremely cash-generative enterprise.”
Admission and Whole Voting Rights
The Prospectus Providing is predicted to shut on or about 24 November, 2021, topic to customary closing circumstances.
The brand new frequent shares to be issued pursuant to the Providing can be issued credited as totally paid and can rank pari passu in all respects with the prevailing Widespread Shares from their admission to buying and selling on AIM (“Admission“).
The Firm has utilized to the London Inventory Alternate plc for Admission of the Providing Shares and to the TSXV for approval of the itemizing of the Prospectus Providing Shares.
Topic to, inter alia, the inserting settlement entered into between the Firm, Hannam & Companions and Canaccord Genuity Restricted having turn out to be unconditional and never having been terminated in accordance with its phrases, it’s anticipated that admission to buying and selling on AIM of the Putting Shares and Subscription Shares will happen at 8:00 am on or round 24 November 2021.
Topic to, inter alia, the company settlement entered into between the Firm and the Brokers having turn out to be unconditional and never having been terminated in accordance with its phrases, in addition to ultimate TSXV approval of the itemizing of the Prospectus Providing Shares, it’s anticipated that admission to buying and selling on AIM and the TSXV of the Prospectus Providing Shares will happen at 8:00 am on or round 24 November 2021.
The Putting, Subscription and the Prospectus Providing should not interconditional and there might be no assure that any specific factor or components of the Providing can be accomplished.
Following Admission of the Providing Shares, the entire variety of Widespread Shares within the Firm in subject can be 612,597,068 (the “Enlarged Share Capital“). This determine could also be utilized by shareholders because the denominator for the calculations by which they may decide if they’re required to inform their curiosity in, or a change to their curiosity within the Firm below the FCA’s Disclosure Steering and Transparency Guidelines.
The securities described herein haven’t been, and won’t be, registered below the U.S. Securities Act or any state securities legal guidelines, and accordingly, might not be supplied or bought inside the US besides in compliance with the registration necessities of the U.S. Securities Act and relevant state securities necessities or pursuant to exemptions therefrom. This Announcement shall not represent a suggestion to promote or the solicitation of a suggestion to purchase any of the Firm’s securities to, or for the account or advantage of, individuals in the US, nor shall there be any sale of those securities in any jurisdiction during which such provide, solicitation or sale can be illegal. There was and can be no public provide of the Firm’s securities in Australia, Japan, South Africa, the US or elsewhere, aside from the Prospectus Providing in every of the provinces of Canada, besides Québec.
The Prospectus Providing is made solely by prospectus. The ultimate brief type prospectus comprises necessary detailed details about the securities being supplied. Copies of the prospectus could also be obtained on SEDAR at www.sedar.com or by contacting the lead agent at ecm@viiicapital.com. Traders ought to learn the prospectus earlier than investing resolution.
Director/PDMR Participation
It’s famous that sure Administrators and PDMRs of the Firm have participated within the Prospectus Providing, on the identical phrases as all different members, to subscribe for, in mixture, 4,840,816 Prospectus Providing Shares. Additional particulars relating to particular person participation of the Firm’s Administrators and PDMRs is ready out within the PDMR notification varieties under.
About Southern Power Corp.
Southern Power Corp. is a pure fuel exploration and manufacturing firm. Southern has a major give attention to buying and creating standard pure fuel and light-weight oil sources within the southeast Gulf States of Mississippi, Louisiana, and East Texas. Our administration crew has a protracted and profitable historical past working collectively and have created important shareholder worth by accretive acquisitions, optimization of current oil and pure fuel fields and the utilization of re-development methods using horizontal drilling and multi-staged fracture completion methods.
For additional data, please contact:
Southern Power Corp. Ian Atkinson (President and CEO) Calvin Yau (VP Finance and CFO) |
+1 587 287 5401 +1 587 287 5402 |
Strand Hanson Restricted – Nominated & Monetary Adviser James Spinney / James Bellman Hannam & Companions – Joint Dealer & Joint Bookrunner Samuel Merlin / Ernest Bell Canaccord Genuity – Joint Dealer & Joint Bookrunner Henry Fitzgerald-O’Connor / James Asensio |
+44 (0) 20 7409 3494 +44 (0) 20 7907 8500 +44 (0) 20 7523 8000 |
Camarco James Crothers, Billy Clegg, Daniel Sherwen |
+44 (0) 20 3757 4980 |
Ahead Wanting Statements
Sure data included on this Announcement constitutes forward-looking data below relevant securities laws. Ahead-looking data usually comprises statements with phrases corresponding to “anticipate”, “imagine”, “count on”, “plan”, “intend”, “estimate”, “suggest”, “challenge” or related phrases suggesting future outcomes or statements relating to an outlook. Ahead-looking data on this Announcement could embrace, however will not be restricted to, statements regarding the Providing, together with the phrases thereof and the usage of proceeds of the Providing, the Firm’s enterprise technique, targets, energy and focus and the Firm’s capital program for the rest of 2021.
The forward-looking statements contained on this Announcement are based mostly on sure key expectations and assumptions made by Southern, together with the timing of and success of future drilling, growth and completion actions, the efficiency of current wells, the efficiency of latest wells, the supply and efficiency of services and pipelines, the geological traits of Southern’s properties, the traits of its belongings, the profitable utility of drilling, completion and seismic know-how, advantages of present commodity pricing hedging preparations, prevailing climate circumstances, prevailing laws affecting the oil and fuel business, commodity costs, royalty regimes and trade charges, the appliance of regulatory and licensing necessities, the supply of capital, labour and companies, the creditworthiness of business companions and the power to supply and full asset acquisitions.
Though Southern believes that the expectations and assumptions on which the forward- wanting statements are based mostly are affordable, undue reliance shouldn’t be positioned on the forward-looking statements as a result of Southern may give no assurance that they may show to be right. Since forward-looking statements deal with future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Precise outcomes might differ materially from these at present anticipated as a result of a variety of elements and dangers. These embrace, however should not restricted to, the danger that the Providing might not be accomplished on favorable phrases or in any respect, the danger that the Firm could not have the ability to receive all essential regulatory and inventory trade approvals, together with the ultimate approval of the TSXV and the London Inventory Alternate, the danger that the Firm could apply the proceeds of the Providing in a different way than as acknowledged herein relying on future circumstances; dangers related to the oil and fuel business typically (e.g., operational dangers in growth, exploration and manufacturing; the uncertainty of reserve estimates; the uncertainty of estimates and projections referring to manufacturing, prices and bills, and well being, security and environmental dangers), constraint within the availability of companies, destructive results of the present COVID-19 pandemic, commodity worth and trade fee fluctuations, adjustments in laws impacting the oil and fuel business, antagonistic climate or break-up circumstances and uncertainties ensuing from potential delays or adjustments in plans with respect to exploration or growth tasks or capital expenditures. These and different dangers are set out in additional element within the Preliminary Prospectus and Southern’s most up-to-date administration’s dialogue and evaluation and annual data type, which can be found below the Firm’s SEDAR profile at www.sedar.com.
The forward-looking data contained on this Announcement is made as of the date hereof and Southern undertakes no obligation to replace publicly or revise any forward-looking data, whether or not on account of new data, future occasions or in any other case, except required by relevant securities legal guidelines. The forward-looking data contained on this Announcement is expressly certified by this cautionary assertion.
Neither TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.
PDMR NOTIFICATION FORMS
1 |
Particulars of the individual discharging managerial duties / individual carefully related |
|
a) |
Title |
Ian Atkinson |
2 |
Purpose for the notification |
|
a) |
Place/standing |
President and Chief Govt Officer (Director) |
b) |
Preliminary notification /Modification |
Preliminary notification |
3 |
Particulars of the issuer, emission allowance market participant, public sale platform, auctioneer or public sale monitor |
|
a) |
Title |
Southern Power Corp. |
b) |
LEI |
213800R25GL7J3EBJ698 |
4 |
Particulars of the transaction(s): part to be repeated for (i) every sort of instrument; (ii) every sort of transaction; (iii) every date; and (iv) every place the place transactions have been performed |
|
a) |
Description of the monetary instrument, sort of instrument |
Widespread shares in Southern Power Corp.. |
Identification code |
CA8428131079 |
|
b) |
Nature of the transaction |
Subscription for brand new frequent shares |
c) |
Worth(s) and quantity(s) |
400,000 frequent shares at a worth of CAD0.05 |
d) |
Aggregated data |
N/A |
e) |
Date of the transaction |
24 November 2021 |
f) |
Place of the transaction |
Outdoors of a buying and selling venue |
1 |
Particulars of the individual discharging managerial duties / individual carefully related |
|
a) |
Title |
Calvin Yau |
2 |
Purpose for the notification |
|
a) |
Place/standing |
VP Finance and CFO |
b) |
Preliminary notification /Modification |
Preliminary notification |
3 |
Particulars of the issuer, emission allowance market participant, public sale platform, auctioneer or public sale monitor |
|
a) |
Title |
Southern Power Corp. |
b) |
LEI |
213800R25GL7J3EBJ698 |
4 |
Particulars of the transaction(s): part to be repeated for (i) every sort of instrument; (ii) every sort of transaction; (iii) every date; and (iv) every place the place transactions have been performed |
|
a) |
Description of the monetary instrument, sort of instrument |
Widespread shares in Southern Power Corp. |
Identification code |
CA8428131079 |
|
b) |
Nature of the transaction |
Subscription for brand new frequent shares |
c) |
Worth(s) and quantity(s) |
400,000 frequent shares at a worth of CAD0.05 |
d) |
Aggregated data |
N/A |
e) |
Date of the transaction |
24 November 2021 |
f) |
Place of the transaction |
Outdoors of a buying and selling venue |
1 |
Particulars of the individual discharging managerial duties / individual carefully related |
|
a) |
Title |
Erin Buschert |
2 |
Purpose for the notification |
|
a) |
Place/standing |
VP Land |
b) |
Preliminary notification /Modification |
Preliminary notification |
3 |
Particulars of the issuer, emission allowance market participant, public sale platform, auctioneer or public sale monitor |
|
a) |
Title |
Southern Power Corp. |
b) |
LEI |
213800R25GL7J3EBJ698 |
4 |
Particulars of the transaction(s): part to be repeated for (i) every sort of instrument; (ii) every sort of transaction; (iii) every date; and (iv) every place the place transactions have been performed |
|
a) |
Description of the monetary instrument, sort of instrument |
Widespread shares in Southern Power Corp. |
Identification code |
CA8428131079 |
|
b) |
Nature of the transaction |
Subscription for brand new frequent shares |
c) |
Worth(s) and quantity(s) |
400,000 frequent shares at a worth of CAD0.05 |
d) |
Aggregated data |
N/A |
e) |
Date of the transaction |
24 November 2021 |
f) |
Place of the transaction |
Outdoors of a buying and selling venue |
1 |
Particulars of the individual discharging managerial duties / individual carefully related |
|
a) |
Title |
Gary McMurren |
2 |
Purpose for the notification |
|
a) |
Place/standing |
VP Engineering |
b) |
Preliminary notification /Modification |
Preliminary notification |
3 |
Particulars of the issuer, emission allowance market participant, public sale platform, auctioneer or public sale monitor |
|
a) |
Title |
Southern Power Corp. |
b) |
LEI |
213800R25GL7J3EBJ698 |
4 |
Particulars of the transaction(s): part to be repeated for (i) every sort of instrument; (ii) every sort of transaction; (iii) every date; and (iv) every place the place transactions have been performed |
|
a) |
Description of the monetary instrument, sort of instrument |
Widespread shares in Southern Power Corp. |
Identification code |
CA8428131079 |
|
b) |
Nature of the transaction |
Subscription for brand new frequent shares |
c) |
Worth(s) and quantity(s) |
400,000 frequent shares at a worth of CAD0.05 |
d) |
Aggregated data |
N/A |
e) |
Date of the transaction |
24 November 2021 |
f) |
Place of the transaction |
Outdoors of a buying and selling venue |
1 |
Particulars of the individual discharging managerial duties / individual carefully related |
|
a) |
Title |
Bruce Beynon |
2 |
Purpose for the notification |
|
a) |
Place/standing |
Director |
b) |
Preliminary notification /Modification |
Preliminary notification |
3 |
Particulars of the issuer, emission allowance market participant, public sale platform, auctioneer or public sale monitor |
|
a) |
Title |
Southern Power Corp. |
b) |
LEI |
213800R25GL7J3EBJ698 |
4 |
Particulars of the transaction(s): part to be repeated for (i) every sort of instrument; (ii) every sort of transaction; (iii) every date; and (iv) every place the place transactions have been performed |
|
a) |
Description of the monetary instrument, sort of instrument |
Widespread shares in Southern Power Corp. |
Identification code |
CA8428131079 |
|
b) |
Nature of the transaction |
Subscription for brand new frequent shares |
c) |
Worth(s) and quantity(s) |
1,200,000 frequent shares at a worth of CAD0.05 |
d) |
Aggregated data |
N/A |
e) |
Date of the transaction |
24 November 2021 |
f) |
Place of the transaction |
Outdoors of a buying and selling venue |
1 |
Particulars of the individual discharging managerial duties / individual carefully related |
|
a) |
Title |
Joseph Nally |
2 |
Purpose for the notification |
|
a) |
Place/standing |
Director |
b) |
Preliminary notification /Modification |
Preliminary notification |
3 |
Particulars of the issuer, emission allowance market participant, public sale platform, auctioneer or public sale monitor |
|
a) |
Title |
Southern Power Corp. |
b) |
LEI |
213800R25GL7J3EBJ698 |
4 |
Particulars of the transaction(s): part to be repeated for (i) every sort of instrument; (ii) every sort of transaction; (iii) every date; and (iv) every place the place transactions have been performed |
|
a) |
Description of the monetary instrument, sort of instrument |
Widespread shares in Southern Power Corp. |
Identification code |
CA8428131079 |
|
b) |
Nature of the transaction |
Subscription for brand new frequent shares |
c) |
Worth(s) and quantity(s) |
2,040,816 frequent shares at a worth of CAD0.05 |
d) |
Aggregated data |
N/A |
e) |
Date of the transaction |
24 November 2021 |
f) |
Place of the transaction |
Outdoors of a buying and selling venue |
This data is supplied by RNS, the information service of the London Inventory Alternate. RNS is accepted by the Monetary Conduct Authority to behave as a Major Data Supplier in the UK. Phrases and circumstances referring to the use and distribution of this data could apply. For additional data, please contact rns@lseg.com or go to www.rns.com.
SOURCE: Southern Power Corp.
View supply model on accesswire.com:
https://www.accesswire.com/673749/Southern-Energy-Corp-Announces-Update-Regarding-Equity-Financing
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