SouthernEra Diamonds Cancels Brokered Private P...

SouthernEra Diamonds Cancels Brokered Private Placement

    Led By Canaccord Capital Corporation

 

    Shares Issued and Outstanding: 85,380,418

    TSX: SDM

    AIM: SRE

 

    TORONTO, Dec. 3 /CNW/ - SouthernEra Diamonds Inc ("SouthernEra") (TSX:

SDM, AIM: SRE) announced today that the previously announced, brokered private

placement, flow-through financing led by Canaccord Capital Corporation has not

been placed on the terms sought by SouthernEra and consequently the Company

has decided not to proceed with the placement.

    SouthernEra's President and CEO, Patrick Evans stated: "The Company feels

that at its current share price, instead of amending the offer price, the

Company and its Shareholders would be better served by the cancellation of the

offer and alternative financing arrangements being sought for its global

operating, development and exploration projects".

    SouthernEra operates the Klipspringer Diamond Mine in South Africa and

maintains an 18 percent free-carried interest in the Camafuca Diamond Project

in Angola. The Company is engaged in extensive diamond exploration projects in

Canada, South Africa, Gabon, Australia and the DRC. This represents the fourth

most active global diamond exploration program after the majors DeBeers, BHPB

and RioTinto.

 

        For further information: Please contact: SouthernEra Diamonds Inc.,

Chris Reynolds, Vice President Finance and Controller, or Sharon Allan,

Investor Relations, Telephone: [phone], Fax: [phone], E-mail:

inbox(at)southernera.com

    (SRE SDM.)