Kenmare Warrant Underwriting Agreed and Warrantholder EGM Result

 
TIDMKMR 
 
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 StgGBP5 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: [phone] 
Mob: + 353 87 674 0110 
 
Tony McCluskey, Financial Director 
Tel: [phone] 
Mob: + 353 87 6740346 
 
                      www.kenmareresources.com 
 
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This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.