Kendrick Resources PLC on Monday said it will issue shares worth £4.4 million in relation to its acquisition of three exploration projects in Norway.

Shares in Kendrick were up 3.0% on Monday in London at 1.06 pence.

The new shares will increase Kendrick’s total issued share capital to 243.9 million shares, of which the new shares will constitute 1.7%.

The London-headquartered mineral exploration and development company, which has projects mainly across Scandinavia, said on Monday that it was issuing over 4.1 million shares in relation to its acquisition of the Espedalen, Hosanger, and Sigdal nickel-copper-cobalt exploration projects from EMX Scandinavia AB.

The projects, located in Norway, were acquired in May of last year.

Kendrick said that 3.7 million of the shares will be issued to EMX, increasing the combined shareholding of EMX and EMX Royalty Corp in Kendrick to 21.7 million shares, a 8.9% stake.

Kendrick said it had applied for the shares to be admitted for trading, and expected dealings to commence on or around Wednesday.

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