REG - Kendrick Resources - £1.76 million Fundraising and PDMR Disclosure

Kendrick ResourcesAnnouncement

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RNS Number : 5992F  Kendrick Resources PLC  26 May 2026

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, NEW ZEALAND, JAPAN, THE
REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN
WHICH IT WOULD BE UNLAWFUL TO DO SO.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN
OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR
OR OTHERWISE ACQUIRE ANY NEW COMMON SHARES OF KENDRICK RESOURCES PLC IN ANY
JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE
MARKET ABUSE REGULATION NO. 596/2014 ("MAR") AS IT FORMS PART OF UK DOMESTIC
LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). MARKET
SOUNDINGS, AS DEFINED IN MAR, WERE TAKEN IN RESPECT OF THE PLACING WITH THE
RESULT THAT CERTAIN PERSONS BECAME AWARE OF THIS INSIDE INFORMATION, AS
PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

.

26 May 2026

Kendrick Resources Plc

("Kendrick" or the "Company" or the "Group")

£1.76 million Fundraising and PDMR Disclosure

 

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development
company is pleased to announce a fundraising of £1,764,000 from Directors, a
U.S. managed fund, a U.S. family office and existing shareholders.

 

Fundraising: The Company has raised £1,764,000 before expenses (the
"Fundraising") at 7 pence per Ordinary Share (the "Fundraising Price") through
the issue of 25,200,000 new Ordinary Shares of £0.0003 each (the "Fundraising
Shares") conditional only upon admission of the Fundraising Shares to listing
on the FCA's Official List (Equity Shares (transition) category) and to
trading on the main market of the London Stock Exchange ("Admission").  The
Fundraising comprises a placing of 5,714,286 Fundraising Shares raising
£400,000 via Shard Capital Partners PLC ("Shard") (the "Placing"), and
Company arranged share subscriptions for 19,485,714 Fundraising Shares raising
£1,364,000 (the "Share Subscriptions").

 

Director's participation in Fundraising: Colin Bird, the Company's Executive
Chairman has subscribed £20,000 for 285,714 Fundraising Shares which
represent in aggregate 1.13% per cent. of the gross Fundraising proceeds. and
Martyn Churchouse a Director of the Company  has subscribed £20,000 for
285,714 Fundraising Shares which represent in aggregate 1.13% per cent. of the
gross Fundraising proceeds

 

 

Use of Proceeds: The  proceeds from the Fundraising are planned to be used in
relation to advancing the Bonya Rare Earth project in Namibia where a drilling
program is underway targeting a maiden JORC resource by the end of Q3 2026,
advancing the Strategic Development and Operational Delivery plan announced on
6 May 2026 and for the Group's working capital requirements.

 

Further Details on the Fundraising: The Fundraising Price was at the closing
mid-market price of 7 pence and at a premium  of 3.7% to the closing bid
price of 6.75 pence on 22 May 2026 being the last practicable date prior to
this announcement. The Company was advised on the Fundraising by Temeraire
Partners.

 

The Fundraising Shares represent, in aggregate, approximately 6.27 per cent.
of the Company's enlarged issued share capital (as enlarged by the issue of
the Fundraising Shares, Consultant Shares and Warrant Shares). The Fundraising
Shares, Consultant Shares and Warrant Shares will rank pari passu in all
respects with the Company's existing Ordinary Shares.

 

Consultant Shares: The Company has agreed to issue 2,047,500 shares at the
Fundraising Price to settle £143,325 of accrued fees due to consultants and
to issue 865,384 shares at 2.6 pence per share to settle £22,500 of accrued
fees due to a consultant (the "Consultant Shares").

 

Warrant Shares: The Company is also, pursuant to an exercise of warrants at a
price of 2.6p per share issuing 576,923 shares in terms of the fundraising
announced on 23 March 2026 (the "Warrant Shares").

 

 

Director shareholding update:  The updated shareholdings of directors
following the Fundraising are set out in the table below:

 

 

Application to trading: The Fundraising is conditional on Admission.
Application will be made to the London Stock Exchange for the 28,689,807  new
Ordinary Shares, comprising 25,200,000 Fundraising Shares, 2,912,884
Consultant Shares and 576,923 Warrant Shares, to be admitted to trading on the
Main Market of the London Stock Exchange. It is expected that Admission will
become effective and that dealings in the Fundraising Shares will commence on
or around at 8.00 a.m. on 5 June 2026.

 

Total Voting Rights: Following the issue of the 28,689,807 new Ordinary Shares
the Company's total issued share capital will consist of 402,057,620 Ordinary
Shares with voting rights.  The Company does not hold any Ordinary Shares in
treasury and accordingly there are no voting rights in respect of any treasury
shares.

 

On Admission, the abovementioned figure of 402,057,620 Ordinary Shares may be
used by shareholders in the Company as the denominator for the calculations by
which they will determine if they are required to notify their interest in, or
a change to their interest in, the Company  under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.

 

 

For further information, please contact:

 Kendrick Resources Plc:     Tel: +44 2039 616 086

 Chairman                    Colin Bird
 AlbR Capital Limited        Tel: +44 207 469 0930

 Financial Adviser           David Coffman/ Dan Harris

 Joint Broker                Jon Bellis
 Shard Capital Partners LLP  Tel: +44 207 186 9952

 Joint Broker                Damon Heath / Isabella Pierre

 

 PDMR Notification Forms:

 The notifications below are made in accordance with the requirements of MAR.
 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Colin Bird
 2.  Reason for the Notification
 a)  Position/status                                              Executive Chairman & Director
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Kendrick Resources PLC
 b)  LEI                                                          213800U66STYS4VQZH68
 4.  Details of the transaction(s):section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the Financial instrument, type of instrument  Ordinary shares of 0.03p
     Identification code                                          ISIN: GB00BNBQZW49

                                                                  TIDM: KEN
 b)  Nature of the Transaction                                    Issue of subscription shares for £20,000

 c)  Price(s) and volume(s)                                       No. of Shares  285,714
                                                                  Price          7 pence
 d)  Aggregated information                                       285,714 ordinary shares

     Aggregated volume
 e)  Date of the transaction                                      25 May 2026
 f)  Place of the transaction                                     Outside a trading venue

 

d)

Aggregated information

Aggregated volume

285,714 ordinary shares

 

e)

Date of the transaction

25 May 2026

 

f)

Place of the transaction

Outside a trading venue

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Martyn Churchouse
 2.  Reason for the Notification
 a)  Position/status                                              Director
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Kendrick Resources PLC
 b)  LEI                                                          213800U66STYS4VQZH68
 4.  Details of the transaction(s):section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the Financial instrument, type of instrument  Ordinary shares of 0.03p
     Identification code                                          ISIN: GB00BNBQZW49

                                                                  TIDM: KEN
 b)  Nature of the Transaction                                    Issue of subscription shares for £20,000

 c)  Price(s) and volume(s)                                       No. of Shares  285,714
                                                                  Price          7 pence
 d)  Aggregated information                                       285,714 ordinary shares

     Aggregated volume
 e)  Date of the transaction                                      25 May 2026
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

Aggregated volume

285,714 ordinary shares

e)

Date of the transaction

25 May 2026

f)

Place of the transaction

Outside a trading venue

 

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