Last checked at 12 Sep 2022 07:00
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
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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
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+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) |
| ||||||||||||||||||||||||||||||||||||
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) |
| ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||