Shares sold in deal to finance exploration, general corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 16 – Kennady Diamonds Inc. said it will raise about C$5 million in a non-brokered private placement of stock.
The company will sell common shares at C$6.50 apiece, a 12.4% discount to the Sept. 15 closing share price of C$7.42.
Bottin International Investments Ltd. will invest C$3.5 million.
Settlement is expected Sept. 30.
Proceeds will be used for the company’s exploration program and general corporate purposes.
The diamond exploration company is based in Toronto.
| Issuer: | Kennady Diamonds Inc.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$5 million (approximate)
|
| Price: | C$6.50
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Bottin International Investments Ltd. (for C$3,497,000)
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 30
|
| Stock symbol: | TSX Venture: KDI
|
| Stock price: | C$7.42 at close Sept. 15
|
| Market capitalization: | C$170.29 million
|
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