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Katanga Mining Completes Rights Offering

ZUG, Switzerland , Dec. 19, 2019 /CNW/ - Katanga Mining Limited (KAT.TO) ("Katanga" or the "Company") announces today that it has completed its previously announced CDN$7,678,388,000 offering (the "Rights Offering") of rights ("Rights") to purchase common shares of the Company ("Common Shares").

Katanga Mining Limited (CNW Group/Katanga Mining Limited)
Katanga Mining Limited (CNW Group/Katanga Mining Limited)

In connection with the completion of the Rights Offering and pursuant to the exercise of Rights, the Company issued an aggregate of 59,292,571,428 Common Shares from treasury. Shareholders of the Company, other than Glencore plc (together with its affiliates, "Glencore"), subscribed for 68,746,113 Common Shares under the Rights Offering, for gross proceeds of CDN$8,902,622 .

Glencore provided a standby commitment in respect of the Rights Offering and, in accordance with the standby commitment, accepted 59,223,825,315 Common Shares issued from treasury under the Rights Offering and a cash payment of CDN$8,902,622 as repayment for US$5.8 billion of debt owed to Glencore under the Glencore loan facilities. The remaining amount of the debt owed to Glencore, being approximately US$1.5 billion , is being retained by the Company. Prior to the Rights Offering, Glencore owned approximately 86.3% of the Company's issued and outstanding Common Shares. Pursuant to a standby commitment provided by Glencore, all Common Shares available for purchase under the Rights Offering, not otherwise acquired by shareholders of the Company, were acquired by Glencore. As a result, Glencore acquired an additional 59,223,825,315 Common Shares under the Rights Offering and owns 99.5% of the Company's currently issued and outstanding Common Shares.

This news release does not constitute an offer to sell, nor the solicitation of an offer to buy, the securities in any jurisdiction; nor shall there be any sale of securities mentioned in this news release in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Katanga Mining Limited

Katanga Mining Limited operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt. The Company has the potential to become Africa's largest copper producer and the world's largest cobalt producer. Katanga is listed on the Toronto Stock Exchange under the symbol KAT.

Forward Looking Statements

This press release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Although Katanga has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.

SOURCE Katanga Mining Limited

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