Sale of two types of stock funds Kennady North Project through 2017
By Devika Patel
Knoxville, Tenn., Oct. 1 – Kennady Diamonds Inc. said it raised C$14.84 million in the first tranche of a C$48 million brokered and non-brokered private placement of stock. The deal priced on Sept. 16.
The company is selling common shares at C$2.75 apiece, an 8.94% discount to the Sept. 15 closing share price of C$3.02. It also is selling flow-through shares at C$3.40 per share, a 12.58% premium to the Sept. 15 closing share price.
Kennady sold 3,672,773 common shares and 1,393,235 flow-through common shares in the initial tranche.
The company expects to settle the final tranche on Oct. 5.
Proceeds will be used to fund the Kennady North Project until the end of 2017 and for general corporate purposes.
The diamond exploration company is based in Toronto.
| Issuer: | Kennady Diamonds Inc.
|
| Issue: | Common stock, flow-through stock
|
| Amount: | C$48 million (approximate)
|
| Price: | C$2.75 per common share, C$3.40 per flow-through share
|
| Warrants: | No
|
| Agent: | Non-brokered and brokered
|
| Pricing date: | Sept. 16
|
| Settlement date: | Oct. 1 (for C$14,837,125)
|
| Stock symbol: | TSX Venture: KDI
|
| Stock price: | C$3.02 at close Sept. 15
|
| Market capitalization: | C$85.9 million
|
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