TORONTO – Kennady Diamonds has arranged non-brokered private placement worth $20 million through the issuance of common and flow-through shares. The common shares are priced at $3.55 each and the flow-through shares at $5.00.
The company’s major shareholder, Bottin (International) Investment, has agreed to take up the shares.
Kennady intends to use the proceeds for its winter exploration program in the Northwest Territories. The program includes a 500 to 700 tonne bulk sample from the Kelvin kimberlite, exploration drilling at the Kelvin, Faraday, MZ and Doyle kimberlites, as well as testing a number of new targets at Kennady North.
Kennady’s focus is the Kelvin-Faraday kimberlite corridor where it hopes to identify a resource of between 9 and 12 million tonnes that grade between 2.0 and 2.5 ct per tonne.
Learn more about the project at KennadyDiamonds.com.