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EMEM will not take up Kenmare warrants

26 October 2016 09:16

Kenmare says the proposed issue of warrants to the government of Mozambique's investment vehicle, Empresa Mocambicana de Exploracao Mineira, are due to expire today.

EMEM was given the opportunity to acquire warrants for up to 5,466,110 ordinary shares at an exercise price of $3.84 each.

The arrangements were subject to the payment of US$1 million consideration on or before 26 October.

Kenmare says 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. At 9:16am: (LON:KMR) Kenmare Resources PLC share price was -5.25p at 309.5p

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