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Expiry of Government of Mozambique Participatio...
Expiry of Government of Mozambique Participatio....
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n Expiry of Government of Mozambique Participation ArrangementKenmare Resources plc (\"Kenmare\" or \"the Company\") 26 October 2016 Expiry of Government of Mozambique Participation ArrangementKenmare 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 plcMichael Carvill, Managing Director Tel: +353 1 671 0411 &nb...