|
RAPAPORT... Kennady Diamonds Inc. closed its non-brokered private placement of flow-through common shares, achieving proceeds of $2,290,484 for 398,345 flow-through common shares at a price of $5.75 each. The shares are subject to a four-month holding period, expiring on April 28. Proceeds will be used to fund an expanded 2014 exploration program at the company's Kennady North diamond project, which is located in Canada's Northwest Territories. A finder's fee of 5 percent was paid to Dundee Securities Ltd. in relation to the private placement. Kennady North covers 13 leases and claims that are located immediately to the north and west of the four leases controlled by the Gahcho Kue joint venture between De Beers Canada and Mountain Province. Kennady Diamonds aims to identify resources along the Kelvin-Faraday kimberlite corridor, as well as find new kimberlites outside of the corridor. A 5,000 meter drill program conducted during the winter and spring of 2013 returned an exceptional sample grade of 8.44 carats per tonne of ore. The largest three diamonds recovered were a 2.48-carat, off-white transparent octahedral, a 0.90-carat off-white transparent irregular and a 0.75-carat off-white transparent octahedral.
|