CALGARY, Dec. 17, 2018 /CNW/ – Standard Exploration Ltd. (“Standard” or the “Corporation“) (SDE: TSXV) is pleased to announce that it has received conditional approval from the TSX Venture Exchange (“TSXV“) in respect of the previously announced, by way of news release dated November 13, 2018: (i) private placement of common shares (“Common Shares“) and units of the Corporation; (ii) appointment of a new management team and new board of directors; (iii) the acquisition by the Corporation of the limited partnership units of Gulf Pine Energy Partners, LP; and (iv) the change of name of the Corporation (the “Name Change“) from “Standard Exploration Ltd.” to “Southern Energy Corp.” (collectively, the “Transaction“). The Corporation will file a filing statement in respect of the Transaction (the “Filing Statement“) under the Corporation’s profile on SEDAR at www.sedar.com.
The Common Shares have been halted from trading pursuant to the rules of the TSXV, which is expected to continue until completion of the Transaction and the completion of the Corporation’s previously announced consolidation of the Common Shares on the basis of one post-consolidation Common Share for up to every 10 pre-consolidation Common Shares (the “Consolidation“). The Consolidation and the Name Change were approved at the Corporation’s annual general and special meeting of shareholders held on December 11, 2018.
The Transaction is currently scheduled to close on or about December 19, 2018 (“Closing“) and the Consolidation is expected to be effected promptly upon completion of Closing. The final bulletin of the TSXV is anticipated to be issued on or about December 21, 2018, with trading of the Common Shares expected to resume on December 24, 2018 under the new trading symbol “SOU”.