Southern Energy Corp. Announces Stock Option and Restricted Share Award Grant
*CALGARY, AB / ACCESSWIRE / 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 progra
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)
+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*
*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
*SOURCE: *Southern Energy Corp.
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