Last checked at 24 Apr 2023 12:19
24 April 2022
Kendrick Resources Plc
("Kendrick" or the "Company")
Update on issue of equity to EMX
Kendrick Resources Plc (LSE: KEN), a mineral exploration and development company with projects in Scandinavia announces that the number of new ordinary shares being issued in relation to the Company's acquisition of the Espedalen, Hosanger, and Sigdal nickel-copper-cobalt exploration projects in Norway from EMX Scandinavia AB ("EMX") is 4,144,395 not 26,341,952 as previously announced on 20 April 2023.
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.
3,683,906 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 21,663,284 shares represent 8.9% of the enlarged share capital with the balance of the new ordinary shares to be issued to a business partner of EMX.
Application to trading: Applications have been made to the Financial Conduct Authority ("FCA") and the London Stock Exchange for the 4,144,395 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 243,882,767 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 243,882,767 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.