Calgary, Alberta-based Standard Exploration Ltd. announced Dec. 17 that it received conditional approval from the TSX Venture Exchange for a transaction that includes the private placement of common shares and units.
The conditional approval also covers appointing a new management team and a new board of directors, the company acquiring the limited partnership units of Gulf Pine Energy Partners LP for $24.4 million and changing its name to Southern Energy Corp.
Pursuant to the rules of the TSX Venture Exchange, the common shares have been halted from trading and will remain so until the transaction is complete and the company concludes the previously announced consolidation of common shares on the basis of 1 post-consolidation common share for up to every 10 preconsolidation common shares.
The transaction is scheduled to close on or around Dec. 19, and the consolidation is expected promptly after the closing.
The company expects the final bulletin of the TSX Venture Exchange to be released on or near Dec. 21 and expects trading of common shares to resume Dec. 24 under the new trading symbol SOU.