The Canadian miner SouthernEra announced today that it has increased its stake in Messina Platinum to 71.89 per cent from 70.91 per cent, through its purchase of 167,841 shares between the 22nd of May and the eighth of July.

A process of market transactions in the JSE Securities Exchange (JSE) South Africa secured the shares, according to the company, at prices that ranged from 41 to 60 rand per share.

The increase represents one per cent of Messina's shares.

Last week, Messina announced the terms of its new rights offer, which will involve the raising of $35.6 million from the sale of 4,511,783 new Messina shares at an issue price of 60 rand a share.

The money raised will go towards the reduction of unsecured debts owed to SouthernEra, which were worth $41.5 million at the end of June.