Proceeds to fund winter exploration, general corporate purposes
New York, Feb. 9 – Kennady Diamonds Inc. said it plans to raise C$20 million through a private placement of common shares and flow-through common shares.
The common shares will be sold at C$3.55 per share while the flow-through common shares will be sold at C$5.00 each, according to a news release.
Kennady Diamonds said that its major shareholder Bottin (International) Investment Ltd. will be subscribing for shares.
The placement will be non-brokered.
Proceeds will be used to fund the company’s winter exploration program and for general corporate purposes.
Kennady Diamonds is a Toronto-based company that controls 100% of the Kennady North diamond project located immediately to the north, west and south of the Gahcho Kue diamond mine currently under development by De Beers and Mountain Province Diamonds.
| Issuer: | Kennady Diamonds Inc.
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| Issue: | Common shares, flow-through common shares
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| Amount: | C$20 million
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| Price: | C$3.55 for common shares, C$5.00 for flow-through common shares
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| Warrants: | No
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| Announcement date: | Feb. 9
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| Settlement date: | Feb. 17
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| Agents: | Non-brokered
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| Stock symbol: | TSX Venture: KDI
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| Stock price: | C$4.15 at close on Feb. 6
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| Market capitalization: | C$92 million
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