Kenmare Resources Expiry Of Government Of Mozambique Participation Arrangement
26 October 2016 - 6:40PM
UK Regulatory
TIDMKMR
Kenmare Resources plc ("Kenmare" or "the Company")
26 October 2016
Expiry of Government of Mozambique Participation Arrangement
Kenmare announces that the previously disclosed arrangements for the
proposed issuance of warrants to the Government of Mozambique's
investment vehicle, Empresa Mocambicana de Exploracao Mineira, SA
("EMEM"), are due to expire today.
As agreed in the letter of agreement dated 30 May 2016 between the
Company and as approved by the Company's shareholders at the
Extraordinary General Meeting on 25 July 2016, EMEM was given the
opportunity to acquire warrants for up to 5,466,110 Ordinary Shares at
an exercise price of $3.84 per Ordinary Share. As set out in the
Company's prospectus and circular of 1 July 2016, the arrangements were
subject to the payment of US$1 million consideration on or before 26
October 2016. Given present difficult macroeconomic circumstances in
Mozambique, EMEM has decided not to provide the consideration to take up
the warrants within the agreed timeframe and therefore no warrants will
be issued to EMEM under the agreed arrangements.
This announcement contains inside information.
For further information, please contact:
Kenmare Resources plc
Michael Carvill, Managing Director
Tel: +353 1 671 0411
Mob: + 353 87 674 0110
Tony McCluskey, Financial Director
Tel: +353 1 671 0411
Mob: + 353 87 674 0346
Jeremy Dibb, Corporate Development and Investor Relations Manager
(the person responsible for arranging the release of this announcement)
Tel: +353 1 671 0411
Mob: + 353 87 943 0367
Murray
Joe Heron / Aimee Beale
Tel: +353 1 498 0300
Mob: +353 87 690 9735
Buchanan
Bobby Morse / Chris Judd
Tel: +44 207 466 5000
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Kenmare Resources via Globenewswire
http://www.kenmareresources.com/
(END) Dow Jones Newswires
October 26, 2016 03:40 ET (07:40 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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