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Southern Energy Corp. Announces Stock Option Grant

Accesswire ·  Jul 17 14:02

CALGARY, AB / ACCESSWIRE / July 17, 2024 / Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU)(AIM:SOUC)(OTCQX:SOUTF) announces that pursuant to the Company's Stock Option Plan, an aggregate of 3,102,500 stock options ("Options") to purchase common shares of the Company ("Common Shares") were granted as part of Southern's overall compensation and employee retention program.

The Options expire in five years from the date of the grant and are exercisable at a price of CAD$0.175 per Common Share, being the closing market price on the TSXV on the day prior to this announcement. The Options vest as to one third on the grant date and one third on each of the first and second anniversaries of the grant date.

In aggregate, 1,642,000 of the Options were issued to directors and persons discharging managerial responsibilities ("PDMR") of the Company, as set out below:

PDMR

Position

Options Awarded

Ian Atkinson

President and CEO (Director)

417,000

Calvin Yau

CFO

350,000

Gary McMurren

COO

350,000

Bruce Beynon

Non-Executive Director

105,000

Tamara MacDonald

Non-Executive Director

105,000

Joseph Nally

Non-Executive Director

105,000

Neil Smith

Non-Executive Director

105,000

Steven Smith

Non-Executive Director

105,000

For further information about Southern, please visit our website at or contact:

Southern Energy Corp.

Ian Atkinson (President and CEO)

+1 587 287 5401

Calvin Yau (CFO)

+1 587 287 5402

Strand Hanson Limited - Nominated & Financial Adviser

+44 (0) 20 7409 3494

James Spinney / James Bellman / Rob Patrick

Stifel Nicolaus Europe Limited - Joint Broker

+44 (0) 20 7710 7600

Callum Stewart / Ashton Clanfield

Tennyson Securities - Joint Broker

+44 (0) 20 7186 9033

Peter Krens / Pav Sanghera

Camarco

+44 (0) 20 3757 4980

Owen Roberts / Billy Clegg / Hugo Liddy

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.

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 FORMS

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

  1. Ian Atkinson

  2. Calvin Yau

  3. Gary McMurren

  4. Bruce Beynon

  5. Tamara MacDonald

  6. Joseph Nally

  7. Neil Smith

  8. Steven Smith

2

Reason for the notification

a)

Position/status

  1. President and CEO (Director)

  2. CFO

  3. COO

  4. Non-Executive Director

  5. Non-Executive Director

  6. Non-Executive Director

  7. Non-Executive Director

  8. Non-Executive Director

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Southern Energy Corp.

b)

LEI

213800R25GL7J3EBJ698

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Options to acquire common shares in Southern Energy Corp.

Identification code

CA8428131059

b)

Nature of the transaction

Grant of share options

c)

Price(s) and volume(s)

Exercisable price

Volumes

1.

CAD$0.175

417,000

2.

CAD$0.175

350,000

3.

CAD$0.175

350,000

4.

CAD$0.175

105,000

5.

CAD$0.175

105,000

6.

CAD$0.175

105,000

7.

CAD$0.175

105,000

8.

CAD$0.175

105,000

d)

Aggregated information

N/A

e)

Date of the transaction

17 July 2024

f)

Place of the transaction

Outside of a trading venue

SOURCE: Southern Energy Corp.


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