SouthernEra eyes $70 million

SouthernEra Resources (SUF-T) has agreed to sell 9 million shares priced at $7.75 apiece to a syndicate led by Griffith’s McBurney & Partners.As part of the bought deal, the syndicate also has an option to pick up another 3 million shares at the same price at closing, which is expected by Feb. 20. SouthernEra intends to apply the proceeds to debt repayment and further development of its 70.9%-owned Messina platinum group metals mine in South Africa. Some of the funds will also go toward working capital requirements and for general corporate purposes.After resuming trade after releasing the news, SouthernEra shares were off 15 at $7.70 in mid-afternoon trade in Toronto.