Shares sold in non-brokered offering to finance exploration program
By Devika Patel
Knoxville, Tenn., July 23 - Kennady Diamonds Inc. said it plans a C$1.5 million non-brokered private placement of stock.
The company will sell common shares at C$1.50 apiece, a 3.85% discount to the July 22 closing share price of C$1.56. It also will sell flow-through common shares at C$1.80 apiece, a 15.39% premium to the July 22 closing share price.
Bottin International Investments Ltd. will invest C$370,000 in the common stock offering.
Settlement is expected July 31.
Proceeds will be used for the 2013 summer exploration program and other working capital requirements.
The diamond exploration company is based in Toronto.
| Issuer: | Kennady Diamonds Inc.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$1.5 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | July 23
|
| Settlement date: | July 31
|
| Stock symbol: | TSX Venture: KDI
|
| Stock price: | C$1.56 at close July 22
|
| Market capitalization: | C$31.6 million
|
|
|
| Common stock
|
| Price: | C$1.50
|
| Investor: | Bottin International Investments Ltd. (for C$370,000)
|
|
|
| Flow-through stock
|
| Price: | C$1.80
|
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