CALGARY, June 10, 2019 /CNW/ – Southern Energy Corp. (“Southern” or the “Company“) (SOU: TSXV) is pleased to announce the completion of its previously announced Rights Offering to holders (“Shareholders“) of common shares of the Company (“Common Shares“). Under the Rights Offering, Shareholders subscribed for and purchased an aggregate of 19,413,306 Common Shares at a price of $0.10 per Common Share, resulting in proceeds to the Company of approximately $1.94 million. Of such Common Shares, an aggregate of 5,712,500 Common Shares were purchased by Shareholders who are directors or officers of the Company or are identified by such persons.
The Company intends to use the proceeds of the Rights Offering to advance the exploration and development of the Company’s oil and gas assets and for working capital purposes.
Following the completion of the Rights Offering, the Company has 223,770,279 Common Shares outstanding.
ABOUT SOUTHERN ENERGY CORP.
Southern Energy Corp. is an oil and natural gas exploration and production company. Southern has a primary focus on developing conventional and unconventional light oil and natural gas resources in the Southeast Gulf States of Mississippi, Alabama, and Louisiana. Our management team has extensive experience with developing assets through the utilization of horizontal drilling and multi-staged fracture completion techniques. We have a long and successful history of working together as a team and have created significant shareholder value through high quality engineering and geoscience work.