SOUTHERN ENERGY : ANNOUNCES INTENTION TO SEEK ADMISSION TO AIM marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
Southern Energy Corp. (
Southern or the
Company ) (TSXV: SOU) today announces the release of its financial and operating results for the fourth quarter and year ended December 31, 2020. The Company also announces the completion of its previously announced non-brokered private placement (the
Private Placement ) for gross proceeds of C$5.5 million and the restructuring of its indebtedness through the payout and discharge of the existing credit facility (
Old Facility ) with a cash payment of US$8.0 million, plus accrued interest, financed through a new senior secured term loan of up to US$8.5 million (
New Facility ) and a portion of the proceeds from the Private Placement, such that Southern s outstanding first lien debt balance was reduced from US$12.7 million to US$5.5 million.