Acquisition of Randgold interest in Marsfontein JV completed
SouthernEra Resources Limited SUF
Shares issued 25,695,265 Oct 9 close $7.50
Tue 13 Oct 98 News Release
Mr. Christopher Jennings reports
SouthernEra Resources has completed the acquisition of the interest held by
Randgold & Exploration Company Limited in the Farm Marsfontein 91 KS in
South Africa. The company now owns a 40 per cent interest in the joint
venture, (60 per cent DeBeers Consolidated Mines Limited), which commenced
mining the M-1 kimberlite pipe on the property on Aug. 31, 1998.
The total purchase price was R61,250,000, or approximately $16.3-million.
Financing assistance of R26,800,000 was provided under a credit facility
granted by Rand Merchant Bank Limited of Johannesburg, South Africa.
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