Business
Standard Exploration Ltd. Announces Final Approval of Recapitalization Financing, Appointment of New Management Team and Board of Directors, Gulf Coast States Strategic Acquisition, Consolidation and Name Change to Southern Energy Corp.
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About this update from Southern Energy Corp.
[{"type":"text","content":"Standard Exploration Ltd. Announces Final Approval of Recapitalization Financing, Appointment of New Management Team and Board of Directors, Gulf Coast States Strategic Acquisition, Consolidation and Name Change to Southern Energy Corp.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.CALGARY, AB / ACCESSWIRE / January 3, 2019 / Standard Exploration Ltd. (\"Standard\" or the \"Corporation\") (SDE: TSXV) is pleased to announce that it has received the final approval of the TSX Venture Exchange (\"TSXV\") with respect to: (i) the 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) the appointment of a new management team (the \"New Management Team\") and board of directors (the \"New Board\"); (iii) the acquisition by the Corporation of all of the limited partnership units of Gulf Pine Energy Partners, LP (\"Gulf Pine\"); (iv) the Reorganization and Investment Agreement and the Equity Purchase and Sale Agreement, each dated November 12, 2018 (collectively, the \"Agreements\"); (v) a consolidation of the Common Shares on the basis of one post-consolidated Common Shares for every five pre-consolidated Common Shares; and (vi) the name change of the Corporation from \"Standard Exploration Ltd.\" to \"Southern Energy Corp.\" and the new trading symbol \"SOU\".The Private Placement, appointment of the New Management Team and New Board, the acquisition of Gulf Pine, and the Agreements were initially announced by the Corporation by way of press release dated November 13, 2018 and closing with respect thereto was announced on December 20, 2018.Private PlacementPursuant to the Private Placement, Standard issued an aggregate of 289,600,000 Units (57,920,000 on a post-consolidated basis) and 610,950,000 Common Shares (122,190,000 on a post-consolidated basis) 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\"). 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...