REG - Kendrick Resources - £1 million Fundraising and PDMR Disclosure

Kendrick ResourcesAnnouncement

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RNS Number : 6129X  Kendrick Resources PLC  23 March 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.

.

23 March 2026

Kendrick Resources Plc

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

£1 million Fundraising and PDMR Disclosure

 

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development
company is pleased to announce a fundraising of £1,000,000 from existing
shareholders, new investors and Directors.

 

Fundraising: The Company has raised £1,000,000 before expenses (the
"Fundraising") at 2.6 pence per Ordinary Share (the "Fundraising Price")
through the issue of 38,461,537 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 9,615,385 Fundraising
Shares raising £250,000 via Shard Capital Partners PLC ("Shard") (the
"Placing"), and Company arranged share subscriptions for 28,846,152
Fundraising Shares raising £750,000 (the "Share Subscriptions").

 

Director's participation in Fundraising: Colin Bird, the Company's Executive
Chairman has subscribed £65,000 for 2,500,000 Fundraising Shares which
represent in aggregate 6.5% per cent. of the gross Fundraising proceeds. and
Heather Churchouse a person closely associated with Martyn Churchouse a
Director of the Company  has subscribed £20,000 for 769,231 Fundraising
Shares which represent in aggregate 2% per cent. of the gross Fundraising
proceeds

 

 

Use of Proceeds: The net proceeds from the Fundraising are planned to be used
in relation to

advancing the Bonya Rare Earth project in Namibia where drilling has commenced
and for the Groups' working capital requirements.

 

Further Details on the Fundraising: Pursuant to the Fundraising, in aggregate,
38,461,537 Fundraising Shares will be issued at the Fundraising Price to
Chairman Colin Bird, existing shareholders and new investors conditional upon
Admission.  The Fundraising Price is at a discount of 11.9% to the closing
middle market price of an Ordinary Share of 2.95 pence on 20 March 2026, being
the latest practicable date prior to this announcement.  The Company is also
issuing a warrant to Shard to subscribe for 576,923 new Ordinary Shares
exercisable at the Fundraising Price for a period of two years from Admission
("Broker Warrants").

 

The Fundraising Shares represent, in aggregate, approximately 10.32 per cent.
of the Company's enlarged issued share capital (as enlarged by the issue of
the Fundraising Shares). The Fundraising Shares will be fully paid and
rank pari passu in all respects with the Company's existing Ordinary Shares.

 

Consultant Shares: The Company has agreed to issue 576,923 shares at the
Fundraising Price to settle  £15,000 of accrued fees due to a consultant.

 

Related Party Transaction - Director's Participation: the participation in the
Fundraising of Colin Bird and of Heather Churchouse, a person closely
associated with Martyn Churchouse a director of the Company, constitutes a
material related party transaction pursuant to rule 7.3 of the Disclosure
Guidance and Transparency Rules. Accordingly, the independent directors, being
Evan Kirby, Alex Borrelli and Kjeld Thygesen consider Colin Bird and Heather
Churchouse' participation to be fair and reasonable insofar as the Company's
shareholders are concerned.

 

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 38,461,537
Fundraising Shares and 576,923 Consultant Shares to be listed on the Official
List  (Equity Shares (transition) category) and 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 7 April 2026.

 

Total Voting Rights: Following the issue of the Fundraising Shares the
Company's total issued share capital will consist of 373,367,812 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 373,367,812 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 £65,000

 c)  Price(s) and volume(s)                                       No. of Shares  2,500,000
                                                                  Price          2.6 pence
 d)  Aggregated information                                       2,500,000 ordinary shares

     Aggregated volume
 e)  Date of the transaction                                      20 March 2026
 f)  Place of the transaction                                     Outside a trading venue

 

d)

Aggregated information

Aggregated volume

2,500,000 ordinary shares

 

e)

Date of the transaction

20 March 2026

 

f)

Place of the transaction

Outside a trading venue

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Heather Churchouse
 2.  Reason for the Notification
 a)  Position/status                                              Person Closely Associated with Director Martyn Churchouse
 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  769,231
                                                                  Price          2.6 pence
 d)  Aggregated information                                       769,231 ordinary shares

     Aggregated volume
 e)  Date of the transaction                                      20 March 2026
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

Aggregated volume

769,231 ordinary shares

e)

Date of the transaction

20 March 2026

f)

Place of the transaction

Outside a trading venue

 

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