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RAPAPORT... Kennady Diamonds Inc. is undertaking a non-brokered private placement to raise approximately $16 million (CAD 20 million) through a combination of common shares and flow-through common shares. The common shares to be issued have been priced at $3.55 and the flow-through common shares have been priced at $5 per share. The placement is expected to close on or about February 17, 2015 and is subject to regulatory approval. Bottin (International) Investment Ltd., Kennady's largest shareholder, expects to subscribe, according to the announcement.
Proceeds from the placement will be used to fund Kennady's winter exploration program and for general corporate purposes. The exploration program includes a 500 tonne to 700 tonne bulk sample from the Kelvin kimberlite, delineation drilling at the Kelvin and Faraday kimberlites, exploration drilling at the MZ and Doyle kimberlites as well as testing of a number of new exploration targets at the Kennady North project.
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