RNS Number : 3799C
Kenmare Resources PLC
29 August 2008
29 August 2008
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA,
AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN
Kenmare Resources plc
Placing
Kenmare Resources plc (*Kenmare* or the *Company*), the owner and operator of the Moma
Titanium Minerals Mine in Mozambique, is pleased to
announce that it has entered into arrangements with its brokers, Canaccord Adams, Davy and
Mirabaud Securities, to place 51,229,700 new
Ordinary Shares of EUR0.06 each in the Company at STG£0.32 per share (the *Placing Shares*)
to raise approximately STG£16.4 million (US$30
million) before expenses (the *Placing*).
The proceeds will be used to enable the Company to increase the production rate at the Moma
mine to achieve production targets as set out in
the Interim Management Report of the Interim Results Announcement released today and for
general corporate purposes.
Michael Carvill, Managing Director of Kenmare, has agreed to subscribe for 170,800 Placing
Shares bringing his interest in the Company to
3,810,709 Ordinary Shares or 0.47% of the enlarged share capital. Tony Lowrie, a Non-Executive
Director of Kenmare, has agreed to subscribe
for 200,000 Placing Shares bringing his interest in the Company to 2,464,230 Ordinary Shares
or 0.31% of the enlarged share capital.
The Placing Shares represent 6.9% per cent of Kenmare's issued ordinary share capital as
at 29 August 2008 and will rank pari passu in
all respects with the existing Ordinary Shares in the Company.
N M Rothschild and Sons Limited acted as financial adviser to the Company.
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 (together "Admission"). It is expected that Admission will
become effective on 4 September 2008 and that
dealings in the Placing Shares will commence at that time.
In conformity with Regulation 20 of the Transparency (Directive 2004/109/EC) Regulations
2007, the total number of Ordinary Shares of
EUR0.06 each in issue following the Placing will be 795,129,245. Each Ordinary Share carries
one vote. The Company holds no Ordinary Shares
in treasury. Therefore, the total number of voting rights in Kenmare is 795,129,245. This
figure may be used by shareholders as a
denominator for the calculations by which they will determine if they are required to notify
their interest in, or a change to their
interest in, Kenmare under the Transparency (Directive 2004/109/EC) Regulations 2007.
For further information:
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
Murray Consultants
Jim Milton
Tel: +353 1 498 0300
Mob: +353 86 255 8400
Conduit PR Ltd
Charlie Geller
Tel: +44 (0)207 429 6606
Mob: +44 (0)7528 233383
www.kenmareresources.com
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.
End
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END
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