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CALGARY, Dec. 17, 2018 /CNW/ - Standard
Exploration Ltd. ("Standard" or the
"Corporation") (SDE: TSXV) is pleased to announce that it
has received conditional approval from the TSX Venture Exchange
("TSXV") in respect of the previously announced, by way of
news release dated November 13, 2018:
(i) private placement of common shares ("Common Shares") and
units of the Corporation; (ii) appointment of a new management team
and new board of directors; (iii) the acquisition by the
Corporation of the limited partnership units of Gulf Pine Energy
Partners, LP; and (iv) the change of name of the Corporation (the
"Name Change") from "Standard Exploration Ltd." to "Southern
Energy Corp." (collectively, the "Transaction"). The
Corporation will file a filing statement in respect of the
Transaction (the "Filing Statement") under the Corporation's
profile on SEDAR at www.sedar.com.
The Common Shares have been halted from trading pursuant to the
rules of the TSXV, which is expected to continue until completion
of the Transaction and the completion of the Corporation's
previously announced consolidation of the Common Shares on the
basis of one post-consolidation Common Share for up to every 10
pre-consolidation Common Shares (the "Consolidation"). The
Consolidation and the Name Change were approved at the
Corporation's annual general and special meeting of shareholders
held on December 11, 2018.
The Transaction is currently scheduled to close on or about
December 19, 2018 ("Closing")
and the Consolidation is expected to be effected promptly upon
completion of Closing. The final bulletin of the TSXV is
anticipated to be issued on or about December 21, 2018, with trading of the Common
Shares expected to resume on December 24,
2018 under the new trading symbol "SOU".
Reader Advisory
Completion of the Transaction is subject to a number of
conditions, including but not limited to, final TSXV
acceptance. There can be no assurance that the Transaction
will be completed as proposed or at all.
Investors are cautioned that, except as will be disclosed in the
Filing Statement, any information released or received with respect
to the Transaction may not be accurate or complete and should not
be relied upon. Trading in the securities of the Corporation
should be considered highly speculative.
The TSXV has in no way passed upon the merits of the Transaction
and has neither approved nor disapproved of the contents of this
news release.
Neither the TSXV nor its regulation services provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Forward Looking and Cautionary Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates, the Corporation's
assessment of future plans and operations, and, more particularly,
statements concerning the completion of the Transaction and the
Consolidation, the issuance of the final bulletin and the trading
in the Common Shares. When used in this document, the words "will,"
"anticipate," "believe," "estimate," "expect," "intent," "may,"
"project," "should," and similar expressions are intended to be
among the statements that identify forward-looking statements. The
forward-looking statements are founded on the basis of expectations
and assumptions made by the Corporation which include, but are not
limited to, the timely receipt of TSXV and regulatory approvals and
the satisfaction of other closing conditions in accordance with the
terms of the definitive agreements in respect of the Transaction.
Forward-looking statements are subject to a wide range of risks and
uncertainties, and although the Corporation believes that the
expectations represented by such forward-looking statements are
reasonable, there can be no assurance that such expectations will
be realized. Any number of important factors could cause actual
results to differ materially from those in the forward-looking
statements including, but not limited to: regulatory and third
party approvals not being obtained in the manner or timing
anticipated; the ability to implement corporate strategies; the
state of domestic capital markets; the ability to obtain financing;
changes in general market conditions; industry conditions and
events; government regulations; competition from other industry
participants; and other factors more fully described from time to
time in the reports and filings made by the Corporation with
securities regulatory authorities. Please refer to the Filing
Statement for additional risk factors relating to the Corporation.
The Filing Statement will be accessible under the Corporation's
profile on www.sedar.com.
Except as required by applicable laws, the Corporation does not
undertake any obligation to publicly update or revise any
forward-looking statements.
SOURCE Standard Exploration Ltd.