Kendrick Resources Plc
(“Kendrick” or the “Company”)

Issue of Options

 Kendrick Resources Plc (LSE: KEN), the mineral exploration and development company with nickel, vanadium and copper projects in Norway, Sweden and Finland announces that, in aggregate, 22,550,000 options over ordinary shares of £0.0003 par value in the capital of the Company (“Ordinary Shares”) have been granted pursuant to the Executive Share Option Scheme (the “Options”). Of the 22,550,000 Options, 13,750,000 have been awarded to directors of the Company, as detailed further below and the balance of 8,800,000  to other eligible participants. The Company has not previously issued any Options.

Summary of the Options awarded:

Total number of options:	A total of 22,550,000 Options have been awarded.
Exercise prices & award date:	All the Options have an exercise price of 3.5 pence per Ordinary Share and vested on issue.
Purpose of options:	To incentivise and retain directors, officers, consultants and employees critical to enhancing the future market value of the Company and have been issued at a significant premium to the 30 day volume weighted average share price (“VWAP”) when the Options were approved.
30 day VWAP when Options approved:	The 30 day VWAP to 2 February 2023, being the latest practicable date prior to the approval of the Options by the Company’s Remuneration Committee was 0.94 pence per share.
Prevailing share price:	The Company’s mid-market closing share price on 2 February 2023, being the latest practicable date prior to the issue of this announcement, was 0.93 pence.
Exercise prices versus abovementioned VWAP and prevailing share price:		Premium to:
			Prevailing closing share price	30 day VWAP
	Exercise price of 3.5 pence		278%	272%
Life of Options:	The options expire on 3 February 2031 being the date one day prior to the tenth anniversary of the AGM at which the Share Option Plan was approved.
Exercise period:	The Options can be exercised any time after vesting and prior to their scheduled expiry and must be exercised within 6 months of an option holder leaving the Company or within 12 months of the death of an option holder.
Options awarded to the Directors	Directors No. of Options Colin Bird Executive Chairman           6,000,000 Martyn Churchouse 5,000,000 Non Executive Directors:   Alex Borrelli 1,000,000 Evan Kirby 1,000,000 Kjeld Thygesen 750,000 Total Directors        13,750,000
Options awarded to PDMR	No. of Options Vassilios Carellas           2,500,000

 

Following the grant of Options, the total number of options outstanding over unissued ordinary shares is 22,550,000 representing 9.4%% of the Company’s current issued share capital. The 13,750,000 Options issued to Directors represent 5.74% of the Company’s current issued share capital. 

Further information on the Company’s projects can be found on the Company’s website at: https://www.kendrickresources.com/   

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).

-ENDS-   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

 

 Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	Colin Bird Executive Chairman Martyn Churchouse Executive Director Alex Borrelli Non-Executive Director Evan Kirby Non-Executive Director Kjeld Thygesen Non-Executive Director Vassilios Carellas PDMR
2.	Reason for the Notification
a)	Position/status	See 1(a) above for positions
b)	Initial notification/ Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kendrick Resources Plc
b)	LEI	213800U66STYS4VQZH68
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	In each case, the grant of Options over Ordinary Shares of £0.0003  par value
	Identification code	ISIN: GB00BNBQZW49
b)	Nature of the transaction	Grant of Options over Ordinary Shares
c)	Price(s) and volume(s)	Person No. of Options Exercise Price Colin Bird         6,000,000 3.5 pence Martyn Churchouse         5,000,000 3.5 pence Alex Borrelli         1,000,000 3.5 pence Evan Kirby         1,000,000 3.5 pence Kjeld Thygesen            750,000 3.5 pence Vassilios Carellas         2,500,000 3.5 pence
d)	Aggregated information: ·Aggregated volume ·Price	N/A
e)	Date of the transaction	2 February 2023
f)	Place of the transaction	Outside a trading venue

 

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 nickel, vanadium and copper. 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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