Announcements - 10th February 2000
Kenmare Completes Placing of 12.6 Million Shares
Kenmare is pleased to announce that it has completed a placing of 12,632,100 New Ordinary Shares of IR5p each at a price of Stg12.6p per share. The funds raised from this placing amount to Stg£ 1,591,645. These funds will be used principally for the advancement of the Definitive Feasibility Study over the Kenmare Moma Titanium Project, part payment for the Titanium Minerals Wet Concentrator Plant purchased from BHP and for ongoing operations.
Charles Carvill, Chairman of Kenmare, commented:
"This placing has been arranged at an opportune time for Kenmare, following the completion of the pre-feasibility study on our Moma Titanium Project by Minproc Limited. The results of this study, which were announced earlier this month, demonstrate that the project is commercial and will provide strong returns when completed. The funds raised will allow us accelerate the development of this project and I very much look forward to the completion of the Definitive Feasibility Study later this year."
