Statement re SouthernEra Closes Private Placement
SouthernEra Diamonds Closes Private Placement Through Haywood Securities
and Directors Shareholding
Shares Issued and Outstanding: 112,279,101
TSX: SDM
AIM: SRE
TORONTO, ON, and LONDON, UK, Aug. 25 /CNW/ - SouthernEra Diamonds Inc.
(the "Company") (TSX: SDM, AIM: SRE) announced today that it has closed the
previously announced private placement led by Haywood Securities Inc. for the
sale of 8,782,500 Flow-through Common Shares and 1,430,000 Units for gross
proceeds of approx. C$4.1 million. Of the 10,212,500 shares issued, directors
and officers of the Company subscribed for 1,475,000 Flow-through shares or
Units.
The four members of the Board of Directors that participated in the
placement and their respective shareholdings are detailed in the following
table:
Number of Interest
Number of Common Shares in Current
Common Shares Held Following Shares
Director Purchased the Placement Outstanding
Christopher M.H. Jennings 1,000,000 3,196,501 2.9%
Patrick C. Evans 100,000 484,400 0.4%
Thomas C. Dawson 100,000 530,000 0.5%
Phil S. Martin 100,000 588,414 0.5%
The Flow-through Common Shares were sold at C$0.40 per Flow-through
Common Share for gross proceeds of approx. C$3.5 million. The Units were sold
at C$0.40 per Unit for gross proceeds of approx. C$0.6 million. Each Unit
consists of one common share and one-half of one common share purchase
warrant. Each whole warrant is exercisable to acquire one common share at an
exercise price of C$0.65 for a period of 24 months from today. Application has
been made for the 10,212,500 Common Shares issued pursuant to the placing of
Flow-through common shares and units to be admitted to trading on AIM.
Dealings in these shares are expected to commence Aug 26, 2005.
The proceeds of the Flow-through private placement will be used to
support the Company's Canadian exploration program and the Units proceeds will
be used to support the Company's global exploration program and for general
corporate purposes.
The securities placed have not, nor will they be registered under the
United States Securities Act of 1933, as amended, and may not be offered or
sold within the United States or to, or for the account or benefit of U.S.
persons absent U.S. registration or an applicable exemption from U.S.
registration requirements. This release does not constitute an offer for sale
of securities in the United States.
SouthernEra Diamonds is one of Canada's largest fully integrated diamond
companies with extensive diamond exploration in six countries, including
Canada, Gabon, the Democratic Republic of the Congo, South Africa, Zimbabwe
and Australia. This represents one of the most active global diamond
exploration programs. The Company also operates the Klipspringer Diamond Mine
in South Africa which is currently under care and maintenance, and maintains
an 18 percent free-carried interest in the Camafuca Diamond Project in Angola.
For further information: PLEASE CONTACT: SouthernEra Diamonds Inc.,
Mr. Chris Reynolds, Senior Vice President, CFO and Secretary or
Ms. Sharon Allan, Investor Relations, Telephone: (416) 359-9282, Fax:
(416) 359-9141, E-mail: inbox(at)southernera.com, www.southernera.com
(SDM. SRE)
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