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Standard Exploration Ltd. Announces Closing of Recapitalization Financing, Appointment of New Management Team and Board of Directors and Completion of Gulf Coast States Strategic Acquisition
Standard Exploration Ltd. Announces Closing of Recapitalization Financing, Appointment of ...
About this update from Southern Energy Corp.
[{"type":"text","content":"\n\n\n\nStandard Exploration Ltd. Announces Closing of Recapitalization Financing, Appointment of New Management Team and Board of Directors and Completion of Gulf Coast States Strategic Acquisition\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Dec. 20, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./\n CALGARY, Dec. 20, 2018 /CNW/ - Standard Exploration Ltd. (\"Standard\" or the \"Corporation\") (SDE: TSXV) is pleased to announce that it has: (i) closed the previously announced non-brokered private placement of common shares (\"Common Shares\") and units (\"Units\") of the Corporation, for aggregate gross proceeds of $18,011,000 (the \"Private Placement\"); (ii) completed the appointment of a new management team (the \"New Management Team\") and board of directors (the \"New Board\"); and (iii) closed the acquisition by the Corporation of all of the limited partnership units of Gulf Pine Energy Partners, LP (\"Gulf Pine\"). \nPrivate Placement\nPursuant to the Private Placement, Standard issued an aggregate of 254,600,000 Units and 645,950,000 Common Shares for aggregate gross proceeds of $18,011,000. Each Unit is comprised of one Common Share and one performance-based Common Share purchase warrant (each, a \"Performance Warrant\"). Each Performance Warrant entitles the holder to purchase one Common Share at a price of $0.02 for a period of five years. The Performance Warrants vest and become exercisable as to one-third upon the 20-day volume weighted average trading price of the Common Shares (the \"Market Price\") equaling or exceeding $0.03, an additional one-third upon the Market Price equaling or exceeding $0.04 and a final one-third upon the Market Price equaling or exceeding ...