KENDRICK RESOURCES PLC

Director's Dealing • Feb 2, 2023

National Storage Mechanism | Additional information

RNS Number : 7570O

Kendrick Resources PLC

02 February 2023

2 February 2023

Kendrick Resources Plc

("Kendrick" or the "Company")

Issue of Options

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development company with nickel, vanadium and copper projects in Norway, Sweden and Finland announces that, in aggregate, 22,550,000 options over ordinary shares of £0.0003 par value in the capital of the Company ("Ordinary Shares") have been granted pursuant to the Executive Share Option Scheme (the "Options"). Of the 22,550,000 Options, 13,750,000 have been awarded to directors of the Company, as detailed further below and the balance of 8,800,000  to other eligible participants. The Company has not previously issued any Options.

Summary of the Options awarded:

Total number of options:

A total of 22,550,000 Options have been awarded.

Exercise prices & award date:

All the Options have an exercise price of 3.5 pence per Ordinary Share and vested on issue.

Purpose of options:

To incentivise and retain directors, officers, consultants and employees critical to enhancing the future market value of the Company and have been issued at a significant premium to the 30 day volume weighted average share price ("VWAP") when the Options were approved.

30 day VWAP when Options approved:

The 30 day VWAP to 2 February 2023, being the latest practicable date prior to the approval of the Options by the Company's Remuneration Committee was 0.94 pence per share.

Prevailing share price:

The Company's mid-market closing share price on 2 February 2023, being the latest practicable date prior to the issue of this announcement, was 0.93 pence.

Exercise prices versus abovementioned VWAP and prevailing share price:

Premium to:

Prevailing closing

share price

30 day

VWAP

Exercise price of 3.5 pence

278%

272%

Life of Options:

The options expire on 3 February 2031 being the date one day prior to the tenth anniversary of the AGM at which the Share Option Plan was approved.

Exercise period:

The Options can be exercised any time after vesting and prior to their scheduled expiry and must be exercised within 6 months of an option holder leaving the Company or within 12 months of the death of an option holder.

Options awarded to the Directors

Directors	No. of Options
Colin Bird Executive Chairman	6,000,000
Martyn Churchouse	5,000,000
Non Executive Directors:
Alex Borrelli	1,000,000
Evan Kirby	1,000,000
Kjeld Thygesen	750,000
Total Directors	13,750,000

Options awarded to PDMR

	No. of Options
Vassilios Carellas	2,500,000

Following the grant of Options, the total number of options outstanding over unissued ordinary shares is 22,550,000 representing 9.4%% of the Company's current issued share capital. The 13,750,000 Options issued to Directors represent 5.74% of the Company's current issued share capital. 

Further information on the Company's projects can be found on the Company's website at: https://www.kendrickresources.com/   

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).

-ENDS- 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

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

Details of the person discharging managerial responsibilities / person closely associated

a)

Names

Colin Bird	Executive Chairman
Martyn Churchouse	Executive Director
Alex Borrelli	Non-Executive Director
Evan Kirby	Non-Executive Director
Kjeld Thygesen	Non-Executive Director
Vassilios Carellas	PDMR

2.           

Reason for the Notification

a)

Position/status

See 1(a) above for positions

b)

Initial notification/ Amendment

Initial Notification

3.  

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Kendrick Resources Plc

b)

LEI

213800U66STYS4VQZH68

4.  

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

In each case, the grant of Options over Ordinary Shares of £0.0003  par value

Identification code

ISIN: GB00BNBQZW49

b)

Nature of the transaction

Grant of Options over Ordinary Shares

c)

Price(s) and volume(s)

Person	No. of Options	Exercise Price
Colin Bird	6,000,000	3.5 pence
Martyn Churchouse	5,000,000	3.5 pence
Alex Borrelli	1,000,000	3.5 pence
Evan Kirby	1,000,000	3.5 pence
Kjeld Thygesen	750,000	3.5 pence
Vassilios Carellas	2,500,000	3.5 pence

d)

Aggregated information:

·Aggregated volume

·Price

N/A

e)

Date of the transaction

2 February 2023

f)

Place of the transaction

Outside a trading venue

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 nickel, vanadium and copper. 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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