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Mountain Province Acquires Kennady Project
Jan 30, 2018 4:42 AM
By Rapaport News
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RAPAPORT... Mountain Province Diamonds will purchase exploration group Kennady
Diamonds in an all-share deal, reuniting two Canadian companies that split five
years ago.
For each Kennady share, its investors will receive 0.975 of
a Mountain Province share, valuing Kennady at $142.7 million (CAD 176 million),
the miners said Monday. Once the transaction is complete, Mountain Province shareholders
will own 76% of the combined company, while Kennady shareholders will own 24%.
Mountain Province spun off its Kennady North exploration
project in Canada’s Northwest Territories as a separate company, Kennady
Diamonds, in April 2012. At the time, Mountain Province president Patrick Evans
said the deal’s purpose was maximizing the value of Kennady North, while
enabling Mountain Province to focus on developing its Gahcho Kué mine. The
executive left Mountain Province last year to join Dominion Diamond Corporation
as CEO.
In the Monday statement, Mountain Province CEO David Whittle
said the Kennady assets — namely its Kelvin and Faraday kimberlites — strongly
complemented the Gahcho Kué project.
“Kennady’s exploration efforts have been very successful,
and we have high confidence in our ability to continue that success, not only
through expanding the existing resources at Kelvin and Faraday, but through the
potential for further discoveries, not just in the Kelvin-Faraday corridor, but
elsewhere across the property,” he said.
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Tags:
acquisition, David Whittle, Dominion Diamond Corporation, Faraday, Gahcho Kué, kelvin, Kelvin-Faraday corridor, kennady, Kennady Diamonds, kennady north, kimberlites, mountain province, Mountain Province Diamonds, Patrick Evans, Rapaport News
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