Southern Energy closes $5M financing for accelerated well completion

Southern Energy Corp (TSX-V:SOU, AIM:SOUC, OTC:MAXMD) closed an equity financing round, generating US$5 million by issuing 26,630,000 shares at C$0.26 or 15.5 pence per share. The financing included US$2.2 million from a Prospectus Offering, US$2.8 million from a Placing, and US$0.01 million from a direct subscription. The funds are earmarked for expediting the completion of four drilled and uncompleted wells in its Gwinville acreage. Post-admission, total shares outstanding reached 165,718,160.