06 May Admission to Main Market and Fundraise
RNS Number : 5148K
Kendrick Resources Plc
(“Kendrick Resources” or the “Company”)
ADMISSION TO TRADING ON THE MAIN MARKET, CLOSING OF £3.25 MILLION FUNDRAISING & FIRST DAY OF DEALINGS
Kendrick Resources Plc (LSE: KEN), a mineral exploration and development company, with projects in Scandinavia is pleased to announce that its entire issued ordinary share capital consisting of 219,511,616 ordinary shares of £0.0003 will today be admitted to the Official List (by way of Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange’s Main Market for listed securities (together, the “Admission”).
· Successful £3.25 million fundraising at 3.5p per share
· With effect from Admission, Kendrick will have vanadium exploration projects in Finland, and Sweden with an option over 3 further nickel projects in Norway under the EMX Option Agreement (the “Projects”)
· The Projects have three defined Mineral Resources:
o Airijoki Vanadium Project in Sweden: 44.3 million tonnes, containing 5.9 million tonnes of magnetite @ 0.4% V2O5 (In-Situ) and @ 1.7% V2O5 (in magnetite concentrate), for 100,800 tonnes of V2O5 based on 13.3% mass recovery of magnetite concentrate
o Koitelainen Vosa Vanadium Project in Finland: 116.4Mt, containing 5.8 million tonnes of magnetite @ 0.3% V2O5 (In-Situ) and @ 2.3% V2O5 (in magnetite concentrate), for 131,000 tonnes of V2O5 based on 5.0% mass recovery of magnetite concentrate
o Stormyra Nickel Project in Norway: 1.16Mt @ 1% Ni, 0.42% Cu and 0.04% Co
· Vanadium is a key metal used in the automotive industry for REDOX flow and other batteries and demand for this metal is expected to grow
· Nickel has rising demand in the supply of Li-ion batteries
· The proceeds of the Fundraising will be used to undertake exploration and development expenditure of the Projects and provide working capital to cover ongoing annual administrative and operating costs
Colin Bird, Executive Chairman of Kendrick Resources Plc, commented
“I am very pleased that Kendrick has satisfied all the requirements for a LSE standard listing.
The company has an outstanding suite of assets in Northern Europe in Sweden and Finland and has an option over three projects in Norway. The option is exercisable within 7 days from Admission, and it is currently the Board’s intention to exercise within this period. A further announcement will be made in due course. The commodities being explored and developed on nickel and vanadium, both of which will be highly sought after in tomorrow’s tv and battery storage world.
The Airijoki vanadium project In Sweden and the Koitelainen vanadium project in Finland, both contain JORC Code (2012) level inferred resources and have both undergone conceptual techo-economic studies.
The nickel projects in Norway all show a propensity for expansion, with accompanying copper and in some cases cobalt.
We look forward to beginning exploration and metallurgical test work and further add value to projects as soon as possible.”
Please visit our website at www.kendrickresources.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
– ENDS –
|For additional information please contact:|
|Kendrick Resources Plc:
|Tel: +44 203 961 6086
|Novum Securities||Tel: +44 7399 9400|
|David Coffman / Lucy Bowden
|Shard Capital Partners LLP
|Tel: +44 207 186 9952
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.