SouthernEra Resources Ltd reported today on the results of the rights offer at its subsidiary Messina Ltd, which concluded last Friday.

Support was strong, with 94 per cent of Messina shareholders subscribing to the shares offered under the rights issue, which represents an approximate contribution to Messina of $8.5 million from its minority shareholders.

The proceeds from the offer are to be used mainly to reduce Messina's unsecured debt obligations to SouthernEra.

The Canadian company underwrote the offer, and took up those shares not subscribed to, increasing its interest in Messina to 73 per cent.

SouthernEra president and CEO Patrick Evans said 'we welcome this vote of confidence on the part of Messina's minority shareholders. This reflects a high level of confidence in the long-term future of the Messina Platinum project, despite the unusual strength of the South African rand, which is Messina's operating currency.

'This support is particularly welcome at a time when consideration is being given to the expanded development of the Greater Messina resource.'