• Southern has refinanced its US$14 mm of existing debt through a new US$17 mm convertible debenture, and strengthened its balance sheet with (1) a US$1.5 mm equity raise at C$0.07/sh (no discount to Friday’s close) and (2) the sale of a 6% gross overriding royalty for US$5 mm. The capital was provided by three related parties, including an existing minority shareholder. The new convertible debenture carries a 7% annual coupon—well below the 15% rate on the previous facility—and matures in Decem ....
