Shares Issued and Outstanding: 28,633,122
TSX-V:
KDI
TORONTO, July 29, 2015 /CNW/ - Kennady Diamonds Inc.
("Kennady Diamonds," the "Company") (TSX-V: KDI) today announced
that the Company is undertaking a non-brokered private placement
("Placement") to raise approximately C$4M through the placement of common shares at a
price of C$3.40 per common share.
The Company's major shareholder, Bottin (International)
Investment Ltd., has advised the Company that they will be
subscribing for shares under the Placement.
The proceeds from the Placement will be used to fund the
Company's exploration, evaluation and permitting programs and for
general corporate purposes. The exploration program includes
exploration, delineation, infill and geotechnical drilling at the
Kelvin kimberlite as well as exploration and delineation drilling
at the Faraday kimberlites. The evaluation program includes
processing of the Kelvin bulk sample, valuation of the bulk sample
diamond parcel and processing of core samples.
The Placement is subject to regulatory approval.
About Kennady Diamonds
Kennady Diamonds Inc. controls
100 percent of the Kennady North diamond project located in
Canada's Northwest Territories. Kennady North is
immediately to the north and west of the Gahcho Kué Diamond Mine, a
joint venture between Beers Canada (51%) and Mountain Province (49%), which is currently
under construction and due to start production in H2
2016.
Kennady Diamonds aims to identify a resource along the Kelvin –
Faraday kimberlite corridor of between a 12 and 15 million tonnes
at a grade of between 2 and 2.5 carats per tonne and also to
identify new kimberlites outside of the corridor. The Kelvin –
Faraday corridor is a target for further exploration. The tonnage
estimate is based on the drilling completed to date. The potential
quantity is conceptual in nature as there has been insufficient
drilling to define a mineral resource and it is uncertain if
further exploration will result in the target being delineated as a
mineral resource.
Qualified Persons
This news release has been prepared
under the supervision of Carl G.
Verley, P. Geo., who serves as the Qualified Person under
National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This news release includes
certain information that may constitute "forward-looking
information" under applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to, the
Company's strategic plans, future operations, future work programs
and objectives. Forward-looking information is necessarily based
upon a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking information. There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance
on forward-looking information. All forward-looking information
contained in this press release is given as of the date hereof and
is based upon the opinions and estimates of management and
information available to management as at the date hereof. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE Kennady Diamonds Inc.