Southern Energy Corp. Announces Payment of Interest in-Kind to its 8% Convertible Unsecured Subordinated Debentures

Calgary, AB – Southern Energy Corp. (TSXV:SOU)(AIM:SOUC)(OTCQX:SOUTF) has declared its intent to issue 745,391 common shares to holders of its 8% convertible unsecured subordinated debentures. These shares will serve as payment in-kind for accrued interest due on June 30, 2024, amounting to CAD$171,440.00.

The number of shares is determined by the volume-weighted average trading price of $0.23 per share over the 20 consecutive trading days ending five days before June 30, 2024. Final acceptance from the TSX Venture Exchange is pending.

Among the recipients, a Director and PDMR of the company will receive 9,044 common shares. The new shares will be fully paid and rank equally with existing shares. They are expected to commence trading on AIM around July 2, 2024.

Following the issuance, Southern Energy Corp. will have 167,242,824 common shares outstanding. Shareholders can use this figure to identify if they need to notify changes in their interest in the company.