Southern Energy Corp. Announces Stock Option and Restricted Share Award Grant

Southern Energy Corp. Announces Stock Option and Restricted Share Award Grant

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 progra

Southern Energy Corp., Monday, September 12, 2022, Press release picture

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:

PDMRPosition

Options Awarded

RSAs Awarded

Ian AtkinsonPresident and CEO (Director)

550,000

234,400

Calvin YauCFO

420,000

220,300

Gary McMurrenCOO

420,000

220,300

Paul BaayNon-Executive Director

105,000

29,975

Bruce BeynonNon-Executive Director

105,000

29,975

Michael KohutNon-Executive Director

105,000

29,975

Tamara MacDonaldNon-Executive Director

105,000

29,975

Andrew McCreathNon-Executive Director

105,000

29,975

Joseph NallyNon-Executive Director

105,000

29,975

Neil SmithNon-Executive Director

105,000

29,975

Steven SmithNon-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)
+1 587 287 5401
Calvin Yau (CFO)
+1 587 287 5402

Strand Hanson Limited - Nominated & Financial Adviser
James Spinney / James Bellman / Rob Patrick
+44 (0) 20 7409 3494

Canaccord Genuity - Joint Broker
Henry Fitzgerald-O'Connor / Gerel Bastin
+44 (0) 20 7523 8000

Hannam & Partners - Joint Broker
Samuel Merlin / Ernest Bell
+44 (0) 20 7907 8500

Camarco
James Crothers / Billy Clegg / Hugo Liddy
+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

1Details 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
2Reason 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/AmendmentInitial notification
3Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)NameSouthern Energy Corp.
b)LEI213800R25GL7J3EBJ698
4Details 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 instrumentOptions to acquire common shares in Southern Energy Corp.
Identification codeCA8428131059
b)Nature of the transactionGrant of share options
c)Price(s) and volume(s)Southern Energy Corp., Monday, September 12, 2022, Press release picture
d)Aggregated informationN/A (single transaction for each individual)
e)Date of the transaction12 September 2022
f)Place of the transactionOutside of a trading venue
1Details 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
2Reason 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/AmendmentInitial notification
3Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)NameSouthern Energy Corp.
b)LEI213800R25GL7J3EBJ698
4Details 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 instrumentRestricted Share Awards to receive common shares in Southern Energy Corp. or equivalent cash payment, at Company's sole discretion on vesting dates
Identification codeCA8428131059
b)Nature of the transactionGrant of restricted share awards
c)Price(s) and volume(s)Southern Energy Corp., Monday, September 12, 2022, Press release picture
d)Aggregated informationN/A (single transaction for each individual)
e)Date of the transaction12 September 2022
f)Place of the transactionOutside of a trading venue

SOURCE: Southern Energy Corp.



View source version on accesswire.com:
https://www.accesswire.com/715445/Southern-Energy-Corp-Announces-Stock-Option-and-Restricted-Share-Award-Grant

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