Pursuant to receipt of the extraordinary resolution from the Debentureholders, Southern will enter into a second supplemental indenture (the 'Second Supplemental Indenture') with the Trustee to effect the Debenture Amendments on or prior to
As a condition of the Debentureholders' approval of the Debenture Amendments, the Company will issue a total of 1,863,478 common share purchase warrants (the 'Warrants') to the Debentureholders for no additional consideration, with each Warrant entitling the Debentureholder to purchase one common share of the Company at a price of
The completion of the Debenture Amendments and the issuance of the Warrants remain subject to final acceptance of the
A copy of the Second Supplemental Indenture will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca.
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Forward-Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as 'anticipate', 'believe', 'expect', 'plan', 'intend', 'estimate', 'propose', 'project', 'budget', 'continue', 'evaluate', 'forecast', 'may', 'will', 'can', 'target' 'potential', 'result', 'could', 'should' or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements concerning the Debenture Amendments, including the execution of the Second Supplemental Indenture, the issuance of the Warrants, the issuance of Common Shares to settle the Company's Interest Obligations, and the approval of the TSXV. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Southern, including receipt of the required approvals from the TSXV. Although Southern believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Southern can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including the risks set out in more detail in Southern's management discussion and analysis and annual information form for the year ended
The forward-looking information contained in this press release is made as of the date hereof and Southern undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
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