Kendrick Resources has raised about £1.76-million through the issue of 25.2-million new ordinary shares to advance development of its Bonya rare earths project.
The company notes that a drilling programme is currently under way at the project with the aim of delivering a maiden joint ore reserves committee-compliant resource by the end of the third quarter of this year.
The Bonya project comprises two separate carbonatite sheeted complexes, the Teufelskuppe and the Keishohe rare earth carbonatites.