20 Apr Exercise of Option over Norwegian Projects
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RNS Number : 9495W
Kendrick Resources PLC
20 April 2023
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:
Chairman |
Tel: +44 203 961 6086
Colin Bird |
|
Novum Securities | Tel: +44 7399 9400 | |
Financial Adviser
Joint Broker |
David Coffman / George Duxberry
Jon Bellis |
|
Shard Capital Partners LLP
Joint Broker |
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.
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