Proceeds slated to fund winter exploration, general corporate purposes
By Devika Patel
Knoxville, Tenn., Feb. 19 – Kennady Diamonds Inc. said it raised C$5.81 million in the first tranche of a C$20 million non-brokered private placement of stock. The deal priced on Feb. 9.
The company is selling flow-through common shares at C$5.00 apiece and common shares at C$3.55 apiece. The prices per share are a 20.48% premium and a 14.48% discount to C$4.15, the Feb. 6 closing share price.
In the first tranche, Kennady sold 1,636,304 common shares.
The company’s major shareholder Bottin (International) Investment Ltd. intends to participate.
Proceeds will be used for the company’s winter exploration program and 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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| Warrants: | No
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| Agents: | Non-brokered
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| Pricing date: | Feb. 9
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| Settlement date: | Feb. 17 (for C$5,808,879)
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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$83.89 million
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| Flow-through stock
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| Price: | C$5.00
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| Common stock
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| Price: | C$3.55
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