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Kendrick Resources PLC ( (GB:KEN) ) has shared an announcement.
Kendrick Resources has raised £1 million before expenses through a combination of a £250,000 placing arranged by Shard Capital Partners and £750,000 in direct share subscriptions, issuing 38,461,537 new shares at 2.6 pence, an 11.9% discount to the prior closing price. The proceeds will be used primarily to advance drilling and development at the Bonya rare earth project in Namibia and to bolster group working capital, with the new shares accounting for about 10.3% of enlarged share capital and total voting rights rising to 373,367,812.
Executive chairman Colin Bird and a person closely associated with director Martyn Churchouse together subscribed £85,000, making the fundraising a related-party transaction that independent directors deemed fair and reasonable, while a consultant will receive 576,923 shares in lieu of £15,000 in accrued fees. Admission of the fundraising and consultant shares to the Official List and London Stock Exchange main market is expected on 7 April 2026, slightly diluting existing investors but strengthening the company’s funding position for its rare earths strategy.
The most recent analyst rating on (GB:KEN) stock is a Hold with a £0.98 price target. To see the full list of analyst forecasts on Kendrick Resources PLC stock, see the GB:KEN Stock Forecast page.
Spark’s Take on KEN Stock
According to Spark, TipRanks’ AI Analyst, KEN is a Neutral.
The score is held down primarily by weak financial performance (no revenue, ongoing losses, negative cash flow, and a material 2024 decline in equity/assets). Technicals provide some offset due to strong upward trend vs moving averages and positive MACD, but overbought momentum indicators increase near-term risk. Valuation is also constrained by negative earnings and no dividend yield support.
To see Spark’s full report on KEN stock, click here.
More about Kendrick Resources PLC
Kendrick Resources Plc is a London-listed mineral exploration and development company focused on advancing resource projects, including the Bonya rare earth project in Namibia. The group targets critical minerals with growing strategic importance, positioning itself within the broader energy transition and technology metals supply chain.
Average Trading Volume: 6,526,154
Technical Sentiment Signal: Buy
Current Market Cap: £9.86M
Learn more about KEN stock on TipRanks’ Stock Analysis page.