MESSINA LIMITED - NEWS RELEASE
MESSINA LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1950/035912/06)
Share Code: MES ISIN: ZAE 000004438
News Release
Johannesburg, 26 June 2002
The following is an extract of a news release issued by SouthernEra
Resources Limited, the company`s holding company, in Toronto on 26 June
2002.
SouthernEra Closes C$48.6 Million Equity Financing
Proceeds to Fund Messina Mine Expansion and Rights Issue
TORONTO, ONTARIO . SouthernEra Resources Limited, announced today it has
completed its previously announced equity financing with a syndicate co-led
by National Bank Financial and BMO Nesbitt Burns Inc. for gross proceeds of
C$48.6 million. The financing consisted of 5.0 million common shares at
C$7.25 per share and a further 1.7 million common shares at the same price
by way of a greenshoe option.
SouthernEra President and CEO Patrick Evans said this financing will
contribute towards the funding of Messina Limited`s proposed US$22 million
mine expansion announced April 22, 2002. "We will also use the proceeds of
this financing to take down our share of rights in a Messina rights offering
and also take up additional unexercised rights in order to increase our
percentage ownership in Messina Limited. A rights offering will enable
Messina to restructure its balance sheet and reduce its debt, including
money borrowed from SouthernEra which now totals approximately US$13
million. We appreciate that our underwriters and participating shareholders
have financed the Company at this very important time in its development,"
said Mr. Evans.
SouthernEra currently owns 70.4% of the issued and outstanding shares of
Messina Limited, a South African company listed on the JSE Securities
Exchange South Africa. Messina Limited owns 100% of the Messina Platinum
Group Metals project, which at full production is now expected to produce
approximately 220,000 ounces of precious metals per year, primarily platinum
and palladium.
SouthernEra Resources Limited is an independent producer of platinum group
metals and diamonds. The company also has an extensive PGM and diamond
exploration program. The common shares of SouthernEra are traded under the
symbol SUF on the Toronto Stock Exchange.
FOR FURTHER INFORMATION PLEASE CONTACT:
SouthernEra Resources Limited
Dr. Sally Eyre, Vice President, Corporate Affairs
Telephone: (416) 359-9282
Fax: (416) 359-9141
e-mail: inbox@southernera.com
Date: 26/06/2002 05:43:00 PM Produced by the SENS Department
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