Kendrick Resources PLC Admission to Main Market and Fundraise (5148K)
May 06 2022 - 2:00AM
UK Regulatory
TIDMKEN
RNS Number : 5148K
Kendrick Resources PLC
06 May 2022
Kendrick Resources Plc
("Kendrick Resources" or the "Company")
ADMISSION TO TRADING ON THE MAIN MARKET, CLOSING OF GBP3.25
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 GBP0.0003 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").
Highlights
-- Successful GBP3.25 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
Chairman Colin Bird
Novum Securities Tel: +44 7399 9400
Financial Adviser David Coffman / Lucy Bowden
Joint Broker Jon Bellis
Shard Capital Partners Tel: +44 207 186 9952
LLP Damon Heath / Isabella Pierre
Joint Broker
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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