Kenmare Resources plc ("Kenmare" or "the Company")
20th November, 2009
Kenmare Warrant Underwriting Agreed
and Warrantholder EGM Result
Kenmare is pleased to announce that it has entered into an agreement
with an existing institutional shareholder in Kenmare ("the
Underwriter"), whereby the Underwriter has committed to subscribe for
up to 26,370,553 outstanding warrants, which have not been exercised
prior to 31 December 2009 at the warrant exercise price of Stg19p.
Each warrant entitles the holder to subscribe for one ordinary share
in the Company, representing in aggregate approximately 3.0% of the
existing issued share capital of the Company. Exercise in full of the
outstanding warrants would raise approximately Stg£5 million for the
Company. This arrangement will secure the funds represented by the
warrants for the Company and does not impact on the existing rights
of Warrantholders to exercise their warrants. As the Company
continues to ramp-up production at the Moma Mine, the funds raised by
exercise of the warrants will be available for working capital
purposes and to provide further financial resources to the Company.
An Extraordinary General Meeting (EGM) of Warrantholders was held
today. As anticipated, the meeting was adjourned due to an
insufficient quorum of Warrantholders being present. As set out in
the circular to Warrantholders issued on 27 October 2009, the EGM
will be reconvened at 11.00 a.m. on 30 November 2009 at the Company's
offices at Chatham House, Chatham Street, Dublin 2. At this adjourned
meeting, one or more persons present in person holding Warrants
and/or being proxies will form a quorum.
The proposed resolution for the EGM, approval of which is a condition
of the agreement with the Underwriter, enables the transfer of
warrants which are unexercised by 31 December 2009.
Proxy votes received are as follows:
Votes received in favour of the resolution: 5,481,448
Votes received against the resolution: 26,733
Votes Withheld: 862,620
Additional detail of proposed resolution is available in the circular
issued to Warrantholders which is also available on the Kenmare
website: www.kenmareresources.com
For more information:
Kenmare Resources plc
Michael Carvill, Managing Director
Tel: +353 1 6710411
Mob: + 353 87 674 0110
Tony McCluskey, Financial Director
Tel: +353 1 6710411
Mob: + 353 87 6740346
www.kenmareresources.com
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