Kennady wraps C$48.11 million stock sale with C$33.28 million tranche

Sale of two types of stock funds Kennady North Project through 2017

By Devika Patel

Knoxville, Tenn., Oct. 8 – Kennady Diamonds Inc. said it raised C$33.28 million in the second and final tranche of a C$48.12 million brokered and non-brokered private placement of stock. The deal priced for C$48 million on Sept. 16 and raised C$14.84 million on Oct. 1.

The company sold 15,403,878 common shares at C$2.75 apiece, an 8.94% discount to the Sept. 15 closing share price of C$3.02. It also sold 1,693,235 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. In the second tranche, it sold 11,731,105 common shares and 300,000 flow-through common shares.

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$48,117,664
Warrants:	No
Agent:	Non-brokered and brokered
Pricing date:	Sept. 16
Settlement dates:	Oct. 1 (for C$14,837,125), Oct. 8 (for C$33,280,539)
Stock symbol:	TSX Venture: KDI
Stock price:	C$3.02 at close Sept. 15
Market capitalization:	C$88.76 million
Common stock
Amount:	C$42,360,665
Shares:	15,403,878
Price:	C$2.75
Flow-through stock
Amount:	C$5,756,999
Shares:	1,693,235
Price:	C$3.40

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