Mwana Africa in recommended share exchange takeover offer for SouthernEra Diamonds

7 September 2007

Charles Russell LLP is advising AIM listed Mwana Africa Plc on the UK aspects of its recommended share exchange takeover offer to acquire any and all of the outstanding common shares not already owned by Mwana and its affiliates of Canadian incorporated TSX listed SouthernEra Diamonds Inc.

The offer is on the basis of 1 Mwana ordinary share for every 2.28 SouthernEra shares held and valued the outstanding SouthernEra common shares at approximately C$105.3 million (£49.8 million).

Mwana Africa is a pan-African resource company with production, exploration and development assets across Africa.  SouthernEra is a producer of diamonds with mineral properties in Angola and South Africa, together with a portfolio of diamond exploration projects in Canada, the DRC and South Africa.

The Charles Russell team is led by Simon Gilbert, head of corporate finance, working with Amit Khanna and Kelly Hutchins.  Fasken Martineau Du Moulin LLP is advising Mwana Africa on Canadian aspects of the offer.

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