Southern Energy makes PIK payment on 8% convertibles

By Wendy Van Sickle

Columbus, Ohio, July 14 – Southern Energy Corp. issued 3,901,775 common shares of its stock to holders of its 8% convertible unsecured subordinated debentures issued on June 14, 2019 and Jan. 15, 2021 as payment in kind of C$335,560 of accrued interest on June 30, according to a news release.

The number of common shares issued is equal to the amount of the interest, divided by the volume weighted average trading price per share for the 20 consecutive trading days ending on the fifth trading day preceding June 30, being C$0.086 per common share.

Southern Energy is an oil and natural gas exploration and production company based in Calgary, Alta.

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