CALGARY , May 15, 2020 /CNW/ - Pursuant to the early warning requirements of applicable Canadian securities laws, DSS Holdings Inc. ("Acquiror") reports that, on February 26, 2020 , Acquiror acquired an aggregate of 2,000,000 common shares ("Common Shares") in the capital of Southern Energy Corp. ("Southern" or the "Company"), an established natural gas and oil producer with U.S.-based assets.
Acquiror has acquired 2,000,000 Common Shares, representing approximately 0.9% of the presently issued and outstanding Common Shares. Immediately prior to the acquisition, Acquiror owned 18,400,000 Common Shares, 5,000,000 Common Share purchase warrants ("Warrants") and 200 convertible debentures ("Convertible Debentures"), representing 8.3% (on a non-diluted basis) and 9.7% (on a partially diluted basis) of the voting securities of the Company.
Following completion of this acquisition, Acquiror owns 20,400,000 Common Shares, 5,000,000 Warrants and 200 Convertible Debentures, representing 9.2% (on a non-diluted basis) and 10.6% (on a partially diluted basis) of the voting securities of the Company.
The securities were acquired in a single trade through the facilities of the TSX Venture Exchange (the "TSXV") at a price of $0 .025 per Common Share for an aggregate purchase price of $50,000 . Acquiror acquired the Common Shares for investment purposes and may, in the future, increase or decrease its ownership of securities of the Company, directly or indirectly, from time to time through market transactions, private agreements, treasury issuances, exercise of Warrants, conversion of Convertible Debentures or otherwise depending upon, among other things, the business and prospects of the Company and future market conditions.
For further details regarding the acquisition of the Common Shares described above, see the Early Warning Report dated May 15, 2020 available on Southern's SEDAR profile.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED IN CONJUNCTION WITH THIS NEWS RELEASE, PLEASE CONTACT:
DSS Holdings Inc.
720058 Range Road 51
County of Grande Prairie No.1
Alberta T8X 4G1
Southern Energy Corp.
Suite 2400, 333 - 7th Avenue S.W.
Calgary, AB T2P 2Z1
Ian Atkinson , President & CEO Tel: (587) 287-5401
Calvin Yau , V.P. Finance & CFO Tel: (587) 287-5402
SOURCE Southern Energy Corp.
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