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RAPAPORT... Kennady Diamonds Inc. is arranging a non-brokered private placement to raise approximately $5 million through the issuance of common shares at a price of $6.50 each. The placement is expected to close on or about September 30 and is subject to regulatory approval. Kennady Diamonds' major shareholder, Bottin International Investments Ltd., is subscribing for 538,000 common shares for gross proceeds of approximately $3.5 million. Proceeds from the entire placement will be used to fund Kennady's summer and fall exploration program and for general corporate purposes.
Kennady Diamonds controls the Kennady North diamond project located immediately to the north, west and south of the Gahcho Kué diamond mine currently under development by De Beers and Mountain Province Diamonds.
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