Business
Admission to Main Market and Fundraise
Admission to Main Market and Fundraise.
About this update from Kendrick Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5148K\n Kendrick Resources PLC\n 06 May 2022\n \n \n \n \n Kendrick Resources Plc\n \n \n (\"Kendrick Resources\" or the \"Company\")\n \n \n \n ADMISSION TO TRADING ON THE MAIN MARKET,\n \n CLOSING OF £3.25 MILLION FUNDRAISING & FIRST DAY OF DEALINGS\n \n \n \n Kendrick Resources Plc (LSE: KEN),\n \n 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 £0.0003 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\"). \n \n \n Highlights\n \n \n · \n Successful £3.25 million fundraising at 3.5p per share \n \n \n \n \n \n · \n 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\") \n \n \n \n \n \n · \n The Projects have three defined Mineral Resources:\n \n \n \n \n \n o \n 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\n \n \n \n \n \n o \n 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\n \n \n \n \n \n o \n Stormyra Nickel Project in Norway: 1.16Mt @ 1% Ni, 0.42% Cu and 0.04% Co\n \n \n \n \n \n · \n 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 \n \n \n \n \n \n · \n Nickel has rising demand in the supply of Li-ion batteries\n \n \n \n \n \n · \n 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\n \n \n \n \n \n Colin Bird, Executiv...