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RAPAPORT... Kennady Diamonds Inc. announced the terms of its non-brokered private placement in which it plans to raise up to $1.5 million through a combination of common shares and flow-through common shares. The common shares to be issued have been priced at $1.50 per share and the flow-through common shares have been priced at $1.80 per share. The placement is subject to regulatory approval. Kennady Diamonds' major shareholder, Bottin International Investments Ltd., which is controlled by Dermot Desmond, is subscribing for 250,000 common shares under the placement for gross proceeds of $370,000. The company stated that the funds raised from the placement coupled with cash reserves are sufficient to fund its summer exploration program at the Kennady North diamond project in Canada.
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