REG - Kendrick Resources - Exercise of Options and Issue of Equity

Kendrick ResourcesAnnouncement

20/04/2023 13:45

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RNS Number : 9495W  Kendrick Resources PLC  20 April 2023

 

20 April 2022

Kendrick Resources Plc

("Kendrick" or the "Company")

Exercise of option over Norwegian Projects

Issue of Equity

 

Kendrick Resources Plc (LSE: KEN), a mineral exploration and development
company with projects in Scandinavia is pleased to announce that further to
its announcements on 16 May 2022 and 12 August 2022 and the information in its
Prospectus dated 29 April 2022, that it has issued 26,341,952 new ordinary
shares in the Company, which rank pari passu with the Company's existing
ordinary shares to settle the share consideration due to be issued on or
before 27 April 2023 in relation to the Company's acquisition of the
Espedalen, Hosanger, and Sigdal nickel-copper-cobalt exploration projects in
Norway (the "Norwegian Projects") (the "Acquisition") from EMX Scandinavia AB
(previously named Eurasian Minerals Sweden AB) ("EMX").

Lock up arrangements: 50% of these shares shall be subject to a three-month
voluntary escrow and the balance of 50% subject to a six-month voluntary
escrow.

23,415,069 of the new ordinary shares will be issued to EMX Scandinavia AB
which will increase the combined shareholding of EMX Scandinavia AB and EMX
Royalty Corporation to 41,394,447 shares represent 15.6% of the enlarged share
capital with the balance to be issued to a business partner of EMX.

Application to trading: Applications will be made to the Financial Conduct
Authority ("FCA") and the London Stock Exchange for the 26,341,952 new
ordinary shares, to be admitted to the Official List and to trading on the
London Stock Exchange's main market for listed securities (the "Admission").
It is expected that Admission will become effective and that dealings in the
New Ordinary Shares will commence at 8.00 a.m. on or around 26 April 2022.

Issued Share Capital: Following the issue of the new ordinary shares, the
Company's total issued share capital will consist of 266,080,325 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.

Total Voting Rights On Admission: The above mentioned figure of 266,080,325
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, Kendrick under the
Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

Further information on the Norwegian projects can be found on the Company's
website at: https://www.kendrickresources.com/nickel/
(https://www.kendrickresources.com/nickel/)

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

   For additional information please contact:
   Kendrick Resources Plc:      Tel: +44 203 961 6086

   Chairman                     Colin Bird

   Novum Securities             Tel: +44 7399 9400
   Financial Adviser            David Coffman / George Duxberry

   Joint Broker                 Jon Bellis

   Shard Capital Partners LLP   Tel: +44 207 186 9952

   Joint Broker                 Damon Heath / Isabella Pierre

 

About Kendrick Resources Plc

Kendrick Resources Plc is a mineral exploration and development company with
projects primarily based across Scandinavia. The principal of its business is
to explore the opportunities within the natural resources sector with a focus
on battery, base, and precious metals including but not limited to vanadium
and nickel. In doing so, the Company is looking to build a long term energy
metals business in Scandinavia which delivers energy metals to Europe to help
enable its renewable energy transformation by building a top tier energy
metals production business.

 

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