On November 2, 2023, Southern Energy Corp. (TSXV:SOU) (AIM:SOUC) (“Southern”) announced that it had raised aggregate gross proceeds of US$5 million (C$6.9 million) pursuant to a UK placing of new common shares (the “Placing”); a concurrent public offering of new Common Shares in Canada (the "Prospectus Offering"); and a subscription by certain persons discharging managerial responsibilities (PDMRs).
The Placing was led by joint bookrunners Stifel Nicolaus Europe Limited (“Stifel Europe”) and Tennyson Securities, while Stifel Nicolaus Canada Inc. ("Stifel Canada") acted as lead agent and bookrunner for the Prospectus Offering. Net proceeds from the Placing, the Prospectus Offering and the subscription (collectively, the “Equity Fundraising”) will be used to partially fund the completion of up to four drilled and uncompleted wells.
Southern is part of the United States’ transition to cleaner sources of electricity generation by delivering low cost, conventional natural gas, located primarily in the onshore Gulf Coast region near the Henry Hub terminal. In August 2021, Fasken advised on Southern's original Alternative Investment Market (AIM) admission.
This Equity Fundraising drew together a Fasken team from London, UK and Calgary, Canada, showcasing Fasken's ability to execute on UK-Canadian dual-listed deals on both sides of the Atlantic.
Fasken advised Stifel Europe, Tennyson Securities, Strand Hanson Limited and Stifel Canada with a UK-Canada cross-border team led by Guy Winter, including Jodi Katz, Jason Giborski, Chloe Gill-Braun, Payton Holliss and Samuel Kalmakoff.
Jurisdictions
- England and Wales
- Alberta
