Canadian Mining Journal

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DIAMONDS: Court approves merger of Kennady, Mountain Province



The award winning Gahcho Kue diamonds mine. (Image: De Beers Canada)

TORONTO – Kennady Diamonds and Mountain Province Diamonds have received final approval from the Ontario Superior Court of Justice (Commercial List) for their business combination. The deal was scheduled to close on April 13, 2018.

The arrangement calls for a holder of Kennady common shares (other than Mountain Province) to receive 0.975 of a common share of Mountain Province in  exchange for each Kennady share. It is a deal worth about $176 million.

Mountain province is the 49% owner of the Gahcho Kue diamond mine in the Northwest Territories. Kennady, which was spun out of Mountain Province in 2012, has been successfully exploring the Kennady North diamond project adjacent to the Gahcho Kue mine. The 51% owner and operator of the Gahcho Kue mine is De Beers Canada.

Read more about the Gahcho Kue mine by clicking here.