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RNS Number : 2506X Kendrick Resources PLC 24 April 2023
24 April 2022
Kendrick Resources Plc
("Kendrick" or the "Company")
Update on issue of equity to EMX
Kendrick Resources Plc (LSE: KEN), a mineral exploration and development
company with projects in Scandinavia announces that the number of new ordinary
shares being issued in relation to the Company's acquisition of the Espedalen,
Hosanger, and Sigdal nickel-copper-cobalt exploration projects in Norway from
EMX Scandinavia AB ("EMX") is 4,144,395 not 26,341,952 as previously announced
on 20 April 2023.
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.
3,683,906 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 21,663,284 shares represent 8.9% of the enlarged share
capital with the balance of the new ordinary shares to be issued to a business
partner of EMX.
Application to trading: Applications have been made to the Financial Conduct
Authority ("FCA") and the London Stock Exchange for the 4,144,395 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 243,882,767 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 243,882,767
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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