Kensington Resources plans C$35 million private placement

By Sheri Kasprzak

Atlanta, March 30 - Kensington Resources Ltd. said it plans to raise C$35 million in a private placement.

The offering will consist of C$5 million in flow-through common shares and C$30 million in non flow-through units.

The units include one share and one half-share warrant. The full warrants allow for an additional share for one year.

According to a statement from the company, the pricing of the deal will be determined upon the conditions of the market.

Loewen, Ondaatje, McCutcheon Ltd. will lead an underwriting syndicate for the offering, which is expected to close April 29.

Based in Vancouver, B.C., Kensington is a diamond exploration company. It plans to use the proceeds from the flow-through shares for exploration expenses on its Fort a la Corne project. The units will be used for exploration and for general corporate purposes.

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