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Messina - News Release
MESSINA LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1950/035912/06)
Share Code: MES
ISIN ZAE000004438
("Messina")
News Release
The following extract deals with an acquisition agreement selected from a news
release issued by SouthernEra Resources Limited, Messina"s ultimate holding
company, in Toronto on 17 May 2004.
"Shares Issued and Outstanding: 74,707,883
TSX: SUF
AIM: SRE
SouthernEra To Increase Stake in Messina to Over 91%
Toronto, Ontario, May 17, 2004 - SouthernEra Resources Limited announced today
that it has entered into an agreement with a consortium of Messina Limited
shareholders to acquire 3,700,536 Messina shares representing 18.4% of Messina"s
issued and outstanding shares. On closing of this transaction, which is
subject to regulatory approval, SouthernEra will own approximately 91.5% of
Messina Limited.
To acquire these shares, SouthernEra will issue 10,546,528 of its own common
shares, representing 12.4% of SouthernEra"s issued and outstanding shares. The
shares to be issued by SouthernEra will be subject to a one-year hold period.
SouthernEra President and CEO Patrick Evans said that the transaction is
accretive to SouthernEra. "For the past several years, we have been pursuing
different strategies to increase our ownership in Messina. The equity dilution
resulting from this transaction will be more than offset by the increase in
ownership of Messina. We are very pleased this agreement has now been finalised
and we welcome the Messina consortium as new shareholders of SouthernEra."
Messina Limited is listed on the JSE Securities Exchange South Africa. Messina
Limited has 100% control of three platinum lease areas (Voorspoed, Doornvlei and
Zebediela) at the Greater Messina Platinum Project. The Greater Messina
Platinum Project contains 5.347 million ounces of 5 PGMs plus gold in the
measured category (26.3 million tonnes at 5.347grams per tonne), 10.810 million
ounces in the indicated category (66.55 million tonnes at 5.05 grams per tonne)
and 5.639 million ounces in the inferred category (32.53 million tonnes at 5.39
grams per tonne).
SouthernEra Resources is an independent producer of platinum group metals and
diamonds. The company also has an extensive PGM, gold and diamond exploration
program. The common shares are listed on the Toronto Stock Exchange and the
London Stock Exchange"s AIM market.
FOR FURTHER INFORMATION PLEASE CONTACT:
SouthernEra Resources Limited
Mr. Patrick Evans, President and CEO
Telephone: (416) 359-9282
Fax: (416) 359-9141
E-mail: inbox@southernera.com
www.southernera.com"
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 17/05/2004 04:29:36 PM Produced by the JSE SENS Department
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