It appears that a share consolidation is coming to Southern Energy Corp (TSXV: SOU), a natural gas explorer and producer focused on the southeastern Gulf States in the US. The news of the consolidation was included in a corporate update released by the firm this morning.
The arrangement will see the company consolidate its shares on the basis of one for eight, with shareholders receiving one share of the firm for every eight previously held. The move is expected to reduce the firms outstanding share count from 616.9 million shares to just 77.1 million.
With the consolidation initially approved by shareholders back in July, the firm is not in need of further approval. As a result, shares are expected to begin trading on a consolidated basis on December 22, 2021.
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The firm this morning also noted that it contracted Energy Drilling Company for three planned horizontal wells to be drilled at its Gwinville property. The rig is expected to arrive on site in late December, with drilling to target natural gas in the Selma Chalk Formation.
Southerm Energy Corp last traded at $0.04 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
