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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: VAUGHN who wrote (6770)	1/17/2002 9:08:49 AM
From: Gord Bolton	Read Replies (1) \| Respond to of 7235

SouthernEra Resources Limited - Remaining US$1 Million of ECU's Converted to Common Shares TORONTO, Jan. 17 /CNW/ - SouthernEra announced today that the final US$1 million in Exchangeable Capital Units ("ECU's") issued on March 1, 2000 has been converted by RMB International (Dublin) Limited into 771,015 common shares at the strike price of Cdn. $2.07 per share established at that time. In addition, at the option of RMB, approximately US$388,000 of capitalized interest was converted into 184,769 common shares at the strike price of Cdn. $3.35 per share, being the closing price on Friday January 11, 2002. The original US$5.0 million in ECU's 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 in December 2000 to arrange and structure 345 million South African Rand, senior debt financing, for the completion of construction and start-up of the Messina project. The financing was finalized in September 2001 and draw down on the facility commenced in 2001 and will continue until the completion of construction in third quarter of 2002. 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. -30- For further information: PLEASE CONTACT: SouthernEra Resources Limited, Patrick C. Evans, President and CEO at Telephone: (416) 359-9282, Fax: (416) 359-9141, e-mail: inbox@southernera.com, www.southernera.com newswire.ca