Early Warning News Release - Invico Acquires 41,250,000 Warrants of Southern Energy Corp.

CALGARY, AB, May 10, 2021 /CNW/ - Invico Diversified Income Limited Partnership ("Invico") announces that it has, directly or indirectly, acquired 41,250,000 common share purchase warrants (the "Warrants") of Southern Energy Corp. (the "Corporation").

Prior to acquiring the Warrants, Invico beneficially owned, or exercised control or direction over, zero Warrants and zero common shares in the capital of the Corporation (the "Shares"). Following the acquisition of the Warrants, Invico has beneficial ownership of, or direction or control over, an aggregate of 41,250,000 Warrants which, if fully exercised, would represent approximately 10.35% of the issued and outstanding Shares of the Corporation.

The Warrants were acquired in connection with a credit agreement dated April 30, 2021, (the "New Facility") between Invico, as lender, and Southern Energy Corporation, a wholly owned subsidiary of the Corporation, as borrower. The New Facility was entered into to restructure the Corporation's indebtedness and to finance the payout and discharge of the Corporation's prior senior secured credit facility with a cash settlement payment of US$8.0 million, plus accrued interest. For additional details regarding the New Facility and the terms of the Warrants, please see the Corporation's news releases dated April 22, 2021, and May 3, 2021.

The Warrants were acquired by Invico for investment purposes only and not for the purpose of exercising control or direction over the Corporation. Invico may, depending on market and other conditions, increase or decrease its beneficial ownership, control, or direction over additional securities of the Corporation through market transactions, private agreements, treasury issuances, or otherwise.

A copy of the early warning report has been filed with the applicable securities commissions and can be found under the Corporation's SEDAR profile at www.sedar.com.

SOURCE Invico Capital Corporation