Source - LSE Regulatory
RNS Number : 0152Z
Southern Energy Corp.
12 September 2022
 

SOUTHERN ENERGY CORP. ANNOUNCES STOCK OPTION AND RESTRICTED SHARE AWARD GRANT

 

Calgary, Alberta - September 12, 2022 - Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU) (AIM:SOUC), a U.S.-focused, growth-oriented natural gas producer, announces that pursuant to the Company's Stock Option Plan and Share Award Incentive Plan, an aggregate of 4,000,000 stock options ("Options") to purchase common shares of the Company ("Common Shares") and 2,495,700 restricted share awards ("RSAs") 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$1.01 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.  The RSAs vest as to one third on each of the first, second and third anniversaries of the grant date. On the vesting dates of such RSAs, the holder is entitled to receive a cash payment or its equivalent in fully paid Common Shares, at the Company's discretion, equal to the closing market value per Common Share on the TSXV on the business day prior to such payment. 

In aggregate, 2,230,000 of the Options and 914,800 of the RSAs were issued to directors and persons discharging managerial responsibilities ("PDMR") of the Company, as set out below:

 

PDMR

Position

Options Awarded

RSAs Awarded

Ian Atkinson

President and CEO (Director)

550,000

234,400

Calvin Yau

CFO

420,000

220,300

Gary McMurren

COO

420,000

220,300

Paul Baay

Non-Executive Director

105,000

29,975

Bruce Beynon

Non-Executive Director

105,000

29,975

Michael Kohut

Non-Executive Director

105,000

29,975

Tamara MacDonald

Non-Executive Director

105,000

29,975

Andrew McCreath

Non-Executive Director

105,000

29,975

Joseph Nally

Non-Executive Director

105,000

29,975

Neil Smith

Non-Executive Director

105,000

29,975

Steven Smith

Non-Executive Director

105,000

29,975

 

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

Southern Energy Corp.

Ian Atkinson (President and CEO)

Calvin Yau (CFO)

 

+1 587 287 5401

+1 587 287 5402

 

Strand Hanson Limited - Nominated & Financial Adviser

James Spinney / James Bellman 

 

Hannam & Partners - Joint Broker

Sam Merlin / Ernest Bell

 

Canaccord Genuity - Joint Broker

Henry Fitzgerald-O'Connor / Gerel Bastin

+44 (0) 20 7409 3494

 

 

+44 (0) 20 7907 8500

 

 

+44 (0) 20 7523 8000

 

 

 

Camarco

James Crothers, Hugo Liddy, Billy Clegg

 

 

+44 (0) 20 3757 4980

 

 

 

 

About Southern Energy Corp.

Southern Energy Corp. is a natural gas exploration and production company. 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 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.    Paul Baay

5.    Bruce Beynon

6.    Michael Kohut

7.    Tamara MacDonald

8.    Andrew McCreath

9.    Joseph Nally

10.  Neil Smith

11.  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

9.    Non-Executive Director

10.  Non-Executive Director

11.  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)

 


Effective price

Volumes

1.

CAD$1.01

555,000

2.

CAD$1.01

420,000

3.

CAD$1.01

420,000

4.

CAD$1.01

105,000

5.

CAD$1.01

105,000

6.

CAD$1.01

105,000

7.

CAD$1.01

105,000

8.

CAD$1.01

105,000

9.

CAD$1.01

105,000

10.

CAD$1.01

105,000

11.

CAD$1.01

105,000

   

d)

Aggregated information

N/A (single transaction for each individual)

e)

Date of the transaction

12 September 2022

f)

Place of the transaction

Outside of a trading venue

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

1.    Ian Atkinson

2.    Calvin Yau

3.    Gary McMurren

4.    Paul Baay

5.    Bruce Beynon

6.    Michael Kohut

7.    Tamara MacDonald

8.    Andrew McCreath

9.    Joseph Nally

10.  Neil Smith

11.  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

9.    Non-Executive Director

10.  Non-Executive Director

11.  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

Restricted Share Awards to receive common shares in Southern Energy Corp. or equivalent cash payment, at Company's sole discretion on vesting dates



Identification code

CA8428131059

b)

Nature of the transaction

Grant of restricted share awards

c)

Price(s) and volume(s)

 


Effective price

Volumes

1.

CAD$1.01

234,400

2.

CAD$1.01

220,300

3.

CAD$1.01

220,300

4.

CAD$1.01

29,975

5.

CAD$1.01

29,975

6.

CAD$1.01

29,975

7.

CAD$1.01

29,975

8.

CAD$1.01

29,975

9.

CAD$1.01

29,975

10.

CAD$1.01

29,975

11.

CAD$1.01

29,975

   

d)

Aggregated information

N/A (single transaction for each individual)

e)

Date of the transaction

12 September 2022

f)

Place of the transaction

Outside of a trading venue

 

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