EMPLOYEE SHARE PURCHASE PLAN, DIRECTOR/PDMR DEALINGS AND BLOCK ADMISSION SIX MONTHLY RETURN
Calgary, Alberta - November 6, 2023 - Southern Energy Corp. ("Southern" or the "Company") (SOU: TSXV) (AIM:SOUC) (OTCQX:SOUTF) announces the following purchases of common shares ("Common Shares") under its Employee Share Purchase Plan, which was adopted by the Company on April 1, 2023 and is described in more detail in the Management Information Circular accompanying the 2023 Notice of Annual General Meeting. It is noted that such Common Shares purchased pursuant to the Employee Share Purchase Plan are subject to a six calendar month restriction on their sale.
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation (as applied in UK law), provide further detail on the applicable transactions.
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
| a) | Name | 1. Ian Atkinson 2. Calvin Yau 3. Gary McMurren | ||||||||||||
| 2. | Reason for the notification | |||||||||||||
| a) | Position/status | 1. Director, President and Chief Executive Officer 2. Chief Financial Officer 3. Chief Operating Officer | ||||||||||||
| 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 | Common Shares in Southern Energy Corp. | ||||||||||||
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| Identification code | CA8428131059 | |||||||||||||
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| b) | Nature of the transaction | Purchase of Common Shares under the Company's Employee Share Purchase Plan | ||||||||||||
| c) | Price(s) and volume(s)
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| d) | Aggregated information | | ||||||||||||
| | N/A, single transaction for each PDMR
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| e) | Date of the transaction | 2 November 2023 | ||||||||||||
| f) | Place of the transaction | TSX Venture Exchange | ||||||||||||
Block Admission Six Monthly Update
Southern also announces the following update on its block admission of shares to be issued to holders of the outstanding warrants issued in 2021 (the "2021 Warrants") and the outstanding 8% convertible unsecured subordinated debentures issued on June 14, 2019 and January 15, 2021 (the "Convertible Debentures").
| Name of company: | Southern Energy Corp. |
| Name of schemes: | The Southern Energy Corp - warrants issued in 2021 and the 8% convertible unsecured subordinated debentures issued on 14 June 2019 and 15 January 2021 |
| Period of return: | From: 6 May 2023 To: 5 November 2023
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| Balance of unallotted securities under scheme(s) from previous return: | 15,856,250 Common Shares |
| The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for): | Nil Common Shares |
| Number of securities issued/allotted under the scheme during the period: | 46,875 Common Shares |
| Number of securities lapsed under the schemes during the period: | Nil Common Shares |
| Balance under the schemes of securities not yet issued at the end of the period subject to the block admission: | 15,809,375 Common Shares |
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For further information, please contact:
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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.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
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