SouthernEra sells flow-through shares

Toronto-based SouthernEra Resources (SUF-T) has raised $1.65 million for domestic exploration.

The company issued 733,333 units at $2.25 apiece, or roughly 18% above its current share price. Each unit consists of one flow-through share and half a share-purchase warrant that can be exercised at $3 over the next year. (Shares arising from the warrants hold no tax benefits to the purchaser.)

SouthernEra, better known for its diamond and platinum group metals projects in South Africa, has earmarked the funds for its diamond projects in the Northwest Territories.

Among them is the 70%-held MacKay property, where the company and minority partner Kalahari Resources (KLA-V) are testing for extensions of the promising NW dyke on the adjoining Snap Lake property of De Beers Consolidated Mines (DBRSY-Q).