Proceeds slated to fund winter exploration, general corporate purposes
By Devika Patel
Knoxville, Tenn., March 10 – Kennady Diamonds Inc. said it raised C$2.31 million in the third and final tranche of an C$18.63 million non-brokered private placement of stock. The deal priced for C$20 million on Feb. 9 and raised C$5.81 million on Feb. 19. The offering took in C$10.51 million on Feb. 25.
The company sold flow-through common shares at C$5.00 apiece and 4,405,947 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. It sold 2,115,331 common shares and 600,000 flow-through common shares in the second tranche. In the final tranche, the company sold 651,312 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.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$18,630,462
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Pricing date: | Feb. 9
|
| Settlement dates: | Feb. 17 (for C$5,808,879), Feb. 25 (for C$10,509,425), March 10 (for C$2,312,158)
|
| Stock symbol: | TSX Venture: KDI
|
| Stock price: | C$4.15 at close on Feb. 6
|
| Market capitalization: | C$84.57 million
|
|
|
| Flow-through stock
|
| Amount: | C$3 million
|
| Shares: | 600,000
|
| Price: | C$5.00
|
|
|
| Common stock
|
| Amount: | C$15,630,462
|
| Shares: | 4,402,947
|
| Price: | C$3.55
|
|
|
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