Successful Stg 10.3 million (US$16.7 million) K...
Kenmare Resources plc ("Kenmare" or "the Company")
Successful Stg£10.3 million (US$16.7 million) Kenmare Share Placing
30 June 2009
Kenmare Resources plc, the owner and operator of the Moma Titanium
Minerals Mine in Mozambique, announces that it has entered into
arrangements with its brokers Canaccord Adams, Davy and Mirabaud
Securities, to place 54 million new Ordinary Shares of ¤0.06 each in
the Company at Stg 19p per share (the "Placing Shares") to raise
approximately Stg£10.3 million (US$16.7 million) before expenses (the
"Placing").
The purpose of the Placing is to ensure that the Company continues to
retain sufficient liquidity to meet its obligations and provide
further financial resources to accelerate production expansion plans.
The Placing Shares represent 6.6% of Kenmare's issued ordinary share
capital as at 30 June 2009 and, when issued, will rank pari passu in
all respects with the existing Ordinary Shares in the Company.
Settlement of the Placing Shares will take place on or before 5
August 2009. Application will be made to the Irish Stock Exchange and
to the UK Listing Authority for the Placing Shares to be admitted to,
respectively, the Official List of the Irish Stock Exchange and to
the Official List of the UK Listing Authority and application will
be made to the Irish Stock Exchange and the London Stock Exchange for
the Placing Shares to be admitted to trading on their respective main
markets for listed securities on 4 September 2009, with admission to
become effective as soon as possible thereafter.
In addition, the Board of Kenmare has decided to extend the exercise
period on outstanding warrants which would otherwise expire on 23
July 2009 until 31 December 2009. There are a total of approximately
28.5 million warrants outstanding with an exercise price of Stg19p.
For further information:
Kenmare Resources plc
Michael Carvill, Managing Director
Tel: + 353 1 671 0411
Mob: + 353 87 674 0110
Kenmare Resources plc
Deirdre Corcoran, Company Secretary
Tel. +353 1 671 0411
Mob. +353 87 638 3742
Murray Consultants
Elizabeth Headon
Tel: +353 1 498 0300
Mob: +353 87 989 7234
Conduit PR Ltd
Charlie Geller / Leesa Peters
Tel: +44 (0)207 429 6606
Mob: +44 (0)7528 233383
www.kenmareresources.com
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH
AFRICA OR JAPAN
This announcement is for information purposes only and does not
constitute an offer or an invitation to acquire or dispose of any
securities or investment advice in any jurisdiction. Without
limitation to the foregoing, this announcement does not constitute an
offer to sell or issue or the solicitation of an offer to buy or
acquire any securities in the capital of Kenmare in the United
States, Canada, Australia, the Republic of South Africa or Japan or
any jurisdiction in which such an offer or solicitation is unlawful
and should not be relied upon in connection with any decision to
acquire any securities in the capital of the Company. The Placing
Shares have not been and will not be registered under the US
Securities Act of 1933 as amended (the 'Securities Act') or under the
securities laws of any state of the United States and may not be
offered or sold within the United States unless they are registered
with the US Securities and Exchange Commission or an exemption from
registration is available. No public offering of the Placing Shares
will be made in the United States or elsewhere.
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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