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Gold/Mining/Energy : SOUTHERNERA (t.SUF)

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To: Sans Souci who started this subject	5/28/2001 12:44:46 PM
From: teevee	Read Replies (1) of 7235

More big crosses to follow? Monday May 28, 12:00 pm Eastern Time Press Release SOURCE: SouthernEra Resources Limited SouthernEra Announces Conversion of US $2 Million Debt to Common Shares TORONTO, May 28 /CNW/ - SouthernEra announced today that a further US$2 million in Exchangeable Capital Units issued on March 1, 2000 is being converted by RMB International (Dublin) Limited into 1,509,130 common shares at the strike price of Cdn. $2.07 per share established at that time, bringing the total number of issued and outstanding shares to 31,175,995. This exercise reduces the outstanding Units to US$1.0 million. The original US$5.0 million in Units was used to acquire a portion of SouthernEra's 70.4% interest in Messina Limited, which holds a 100% interest in the Messina platinum group metals ("PGM") project in South Africa. Rand Merchant Bank was appointed by Messina Limited last December to arrange and structure senior debt financing for the completion of construction and start- up of the Messina project. These arrangements are expected to be completed in the near future. SouthernEra Resources Limited is a diamond mining and exploration company and an emerging platinum group metals producer. The common shares of SouthernEra are traded under the symbol SUF on the Toronto Stock Exchange.

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