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Standard Exploration Ltd. Announces Recapitalization Financing, New Management Team and Board of Directors and Gulf Coast States Strategic Acquisition
CALGARY, AB / ACCESSWIRE / November 13, 2018 / Standard Exploration Ltd. (" Standard " or th...
About this update from Southern Energy Corp.
[{"type":"text","content":"Standard Exploration Ltd. Announces Recapitalization Financing, New Management Team and Board of Directors and Gulf Coast States Strategic AcquisitionCALGARY, AB / ACCESSWIRE / November 13, 2018 / Standard Exploration Ltd. (\"Standard\" or the \"Corporation\") (TSX-V: SDE) is pleased to announce that it has entered into a definitive reorganization and investment agreement with Ian Atkinson, Calvin Yau, Chris Birchard and Gary McMurren (the \"Initial Investor Group\") which provides for: (i) a non-brokered private placement of up to an aggregate of $20.0 million, provided that the Corporation shall be entitled to increase the size of the private placement to $25.0 million as a result of excess demand (the \"Private Placement\"); (ii) the appointment of a new management team (the \"New Management Team\") and new board of directors (the \"New Board\") in connection with the completion of the Private Placement; and (iii) subject to regulatory approval, a rights offering (the \"Rights Offering\") to holders of common shares (\"Common Shares\") of Corporation (collectively, the \"Recapitalization\"). Completion of the Recapitalization is subject to customary closing conditions, including the approval of the TSX Venture Exchange (the \"TSXV\"). The Corporation is also pleased to announce that it has entered into a definitive agreement (the \"Acquisition Agreement\"), pursuant to which the Corporation will acquire all of the limited partnership units of Gulf Pine Energy Partners, LP (\"Gulf Pine\") for a total transaction value of USD$24.4 million (comprised of cash consideration of USD$3,425,000), including net debt (the \"Transaction\"). In connection with the Transaction, the Corporation has arranged for a USD$13.5 million credit facility held with a reputable US independent commercial bank. The Transaction is subject to customary closing conditions, including the approval of the TSXV. New Management TeamThe New Management Team will be led by Ian Atkinson as President and Chief Executive Officer, Calvin Yau, as Vice President, Finance and Chief Financial Officer, Chris Birchard, as Vice President, Geoscience, Gary McMurren as Vice President, Engineering and Sanjib (Sony) Gill as Corporate Secretary.The New Management Team has a solid track record of creating value in oil and gas companies through the early identification of scalable,...