Kennecott Canada, a unit of Rio Tinto (RTP-N), has taken the financial steps necessary to maintain its 17% interest in diamond explorer SouthernEra Resources (SUF-T).
Kennecott has taken up 173,670 units at $17.35 each, for net proceeds to SouthernEra of $3 million. The units consist of one share and half a share purchase warrant redeemable, until April 9, 1999, for one additional share at $20.
SouthernEra has diamond projects in Canada, South Africa and Angola.
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