SouthernEra Resources has announced that it has increased its stake in Messina Limited by snapping up some more shares.

The firm has agreed to acquire 3,700,536 Messina shares from shareholders in a deal representing 18.4 per cent of Messina's issued and outstanding shares.

If the transaction is granted final approval and meets the necessary regulations, SouthernEra will then own approximately 91.5 per cent of Messina Limited.

In order to acquire the shares SouthernEra says it will issue 10,546,528 of its own common shares, representing 12.4 per cent of SouthernEra's issued and outstanding shares. The shares to be issued by SouthernEra will be subject to a one-year hold period.

SouthernEra president and CEO Patrick Evans welcomed the move, describing it as a step forward for the company.

"For the past several years, we have been pursuing different strategies to increase our ownership in Messina. The equity dilution resulting from this transaction will be more than offset by the increase in ownership of Messina. We are very pleased this agreement has now been finalised and we welcome the Messina consortium as new shareholders of SouthernEra," he added.

Messina Limited, which has 100 per cent control of three platinum lease areas at the Greater Messina Platinum Project, is listed on the Johannesburg Securities Exchange.

The Greater Messina Platinum Project contains 5.347 million ounces of five different pgms as well as gold.