Kendrick Resources Plc rose 12% after successfully raising £1.76 million through the issue of 25.2 million new ordinary shares at 7p each.
The fundraising attracted participation from directors, a US-based fund, a US family office and existing shareholders, signalling continued investor interest in the company’s rare earth development strategy.
Executive chairman Colin Bird and director Martyn Churchouse each subscribed £20,000 as part of the placing.
Kendrick said proceeds will primarily be used to advance the Bonya Rare Earth project in Namibia, support execution of its Strategic Development and Operational Delivery plan, and provide additional working capital.
Alongside the fundraising shares, the company will also issue 2,047,500 consultant shares and 576,923 warrant shares.
Admission of the combined 28,689,807 new shares to trading on the London Stock Exchange is expected on June 5, 2026.
Following admission, Kendrick’s total issued share capital will increase to 402,057,620 ordinary shares.
