Kendrick Resources PLC Exercise of Options and Issue of Equity (9495W)
April 20 2023 - 7:33AM
UK Regulatory
TIDMKEN
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/
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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END
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