Kendrick Resources (LSE:KEN) moved positively, 7.1% to 7.5p, after a £1.76m raise was announced to fund drilling at the Bonya rare earth project.
Kendrick, a mineral exploration and development company, says the proceeds will be used to advance the Bonya drilling programme targeting a maiden JORC resource by the end of the third quarter 2026, to progress the Strategic Development and Operational Delivery plan announced on 6 May, and for working capital requirements.
The raise saw 25.2m new shares priced at 7p, plus addition shares issue issued to consultants.
Executive Chairman Colin Bird and director Martyn Churchouse each subscribed £20,000 for 285,714 shares (each representing 1.13% of the gross proceeds).
In total, the new fundraising shares represent approximately 6.27% of the enlarged issued share capita.
The drilling programme is underway and is targeting a maiden JORC resource by the end of the third quarter 2026.
