NORTHWEST TERRITORIES – Kennady Diamonds of Toronto is raising at least $7 million for continuing exploration at its Kennady North property near Snap Lake and adjacent to the Gahcho Kué project of De Beers and Mountain Province.
The company will issue a combination of common shares and flow-through shares, priced at $4.75 and $5.50 respectively. Roughly $3 million will be attributable to the sale of common shares and $4 million to flow-through shares. The underwriters have the option of purchasing an additional 182,000 flow-through shares for an additional sum of $1 million.
Kennady is planning 10,000 metres of drilling during this winter's program plus 5,000 metres during next summer's program. Hopefully a resource of between 5 million and 8 million tonnes can be outlined.
Go to KennadyDiamonds.com to view photos and maps from the project.