Africazine:
Kendrick Resources has successfully raised funds to advance its rare earths project in Africa.
The London-listed company has secured approximately £1.76-million by issuing 25.2-million new ordinary shares. This funding will support the development of the Bonya rare earths project, where a drilling programme is currently in progress.
Kendrick Resources Secures Funding for Bonya Project
The £1.76-million raised will be pivotal for Kendrick Resources as it pushes forward with the Bonya rare earths project. The issuance of 25.2-million new ordinary shares reflects the company’s commitment to enhancing its resource base.
Currently, a drilling programme is underway at the Bonya site. This initiative aims to establish a maiden joint ore reserves committee-compliant resource by the end of the third quarter of this year.
Kendrick Resources: Key figures on Bonya rare earths project
- £1.76-million raised
- 25.2-million new ordinary shares issued
Drilling Programme Aims for Resource Compliance
The ongoing drilling programme is a critical step for Kendrick Resources. By targeting a joint ore reserves committee-compliant resource, the company aims to enhance its credibility and attract further investment.
Completion of this drilling phase is expected by the end of the third quarter, marking a significant milestone for the project.
Next Steps for Kendrick Resources
- Complete the drilling programme by the end of Q3
- Deliver a maiden joint ore reserves committee-compliant resource
Kendrick Resources is making strides in the rare earths sector with its Bonya project.
