Deal to fund exploration program at the Kennady North diamond project
By Devika Patel
Knoxville, Tenn., Dec. 19 - Kennady Diamonds Inc. said it will raise C$2.29 million in a non-brokered private placement of stock.
The company will sell flow-through common shares at C$5.75 apiece. The price-per-share is a 17.58% premium to the Dec. 18 closing share price of C$4.55 and also represents about a 20% premium to the volume weighted share price on Dec. 18, the company noted in a press release.
Dundee Securities Ltd. will be paid a 5% finder's fee.
Proceeds will be used for an expanded 2014 exploration program at the Kennady North diamond project in Canada.
The diamond exploration company is based in Toronto.
| Issuer: | Kennady Diamonds Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$2.29 million
|
| Price: | C$5.75
|
| Warrants: | No
|
| Agent: | Non-brokered
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| Pricing date: | Dec. 19
|
| Stock symbol: | TSX Venture: KDI
|
| Stock price: | C$4.55 at close Dec. 18
|
| Market capitalization: | C$104.69 million
|
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