1 July 2016

McCann FitzGerald advises on Kenmare Resources’ proposed capital raise and deleveraging

We are advising Kenmare Resources plc on its proposed Capital Raise and Debt Restructuring. Kenmare has announced a Capital Raise to raise a minimum of US$275 million of new equity by way of a US$100 million Cornerstone Subscription by SGRF, a sovereign wealth fund of the Sultanate of Oman, and a Firm Placing for US$145.7 million with an additional US$29.3 million under a Lender Underwriting. Kenmare has, in addition, announced an Open Offer of up to US$122.7 million.

Based on the agreed terms of its Debt Restructuring, completion of the Capital Raise will reduce Kenmare’s debt by not less than US$292.5 million to no more than US$100 million and provide the Company with US$75 million for working capital and to cover expenses.

Kenmare Resources has a premium listing on the Official List of the UKLA and a secondary listing on the Official List of the Irish Stock Exchange.