Kendrick Resources PLC Exercise of option over Norwegian Projects (8641V)
August 12 2022 - 4:47AM
UK Regulatory
TIDMKEN
RNS Number : 8641V
Kendrick Resources PLC
12 August 2022
12 August 2022
Kendrick Resources Plc
("Kendrick" or the "Company")
Exercise of option over Norwegian Projects
Kendrick Resources Plc (LSE: KEN), a mineral exploration and
development company with projects in Scandinavia is pleased to
announce that further to its announcement on 16 May 2022, and the
information in its Prospectus dated 28 April 2022, that it has
completed the 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") in consideration for the
issue of 20,226,757 new ordinary shares in the Company, which rank
pari passu with the Company's existing ordinary shares.
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.
17,979,378 of the new ordinary shares will be issued to EMX
Royalty Corporation which will represent 7.5% 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 20,226,757 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 17 August
2022.
Issued Share Capital: Following the issue of the new ordinary
shares, the Company's total issued share capital will consist of
239,738,373 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
239,738,373 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 / 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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August 12, 2022 04:47 ET (08:47 GMT)
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