Stock sold in non-brokered deal to fund drill program, working capital
By Devika Patel
Knoxville, Tenn., Nov. 7 - Kennady Diamonds Inc. said it settled a C$3 million non-brokered private placement of stock. The deal priced Oct. 26.
The company sold 2,360,564 common shares at C$1.15 apiece, an 11.54% discount to the Oct. 25 closing share price of C$1.30. It also sold 196,793 flow-through common shares at C$1.45 apiece, an 11.54% premium to the Oct. 25 closing share price.
Proceeds will be used for the company's planned 5,000-meter winter drill program at the Kennady North diamond project, which is expected to begin in March, and for working capital.
The diamond exploration company is based in Toronto.
| Issuer: | Kennady Diamonds Inc.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$3 million
|
| Warrants: | No
|
| Underwriters: | Non-brokered
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 7
|
| Stock symbol: | TSX Venture: KDI
|
| Stock price: | C$1.30 at close Oct. 25
|
|
|
| Common stock
|
| Amount: | C$2,714,649
|
| Shares: | 2,360,564
|
| Price: | C$1.15
|
|
|
| Flow-through stock
|
| Amount: | C$285,350
|
| Shares: | 196,793
|
| Price: | C$1.45
|
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