Shares Issued and Outstanding: 47,281,970
TSX-V: KDI
TORONTO, March 17, 2017 /CNW/ - Kennady Diamonds Inc.
("Kennady", the "Company") (TSX-V: KDI) today announced that the
Board of Directors of the Company have formed a special committee
of independent directors (the "Special Committee") in response to
discussions with certain interested parties regarding a potential
strategic transaction. The Special Committee, with the assistance
of Minvisory Corp. as its financial advisor and Fasken Martineau
DuMoulin LLP as its legal advisor, and the Company will consider
and evaluate various strategic alternatives to maximize shareholder
value, including continuing to execute on its existing business
plan.
While the Company considers all options available to it at this
time, no formal offers have been received and no agreement has been
reached with any third party regarding a potential strategic
transaction.
The Company does not intend to make further comment in regards
to this process except as required by applicable securities laws or
the policies of the TSX Venture Exchange. No assurance can be given
that any transaction will be announced. Furthermore, the Company
cautions that there is no guarantee the Company's discussions will
result in a transaction or if a transaction is undertaken, as to
its terms or timing.
About Kennady Diamonds
Kennady Diamonds Inc. controls 100 percent of the Kennady North
diamond project located in Canada's Northwest
Territories. Kennady North is adjacent to the Gahcho Kué
Diamond Mine, a joint venture between De Beers Canada (51%) and
Mountain Province (49%), which
started production in late 2016.
Kennady is focused on expanding its high-grade diamond resources
along the Kelvin – Faraday kimberlite corridor, as well identifying
new kimberlites outside of the corridor. To date an indicated
resource of 13.62 million carats of diamonds contained in 8.50
million tonnes of kimberlite, with a grade of 1.60 carats per tonne
and an average value of US$63 per
carat has been defined for the Kelvin kimberlite using a 1mm
diamond bottom cutoff size. The Kelvin – Faraday corridor is also a
target for further exploration.
Qualified Persons
This news release has been prepared by Dr. Rory Moore, P.Geo., President and CEO of Kennady
Diamonds. The technical contents of this news release have been
reviewed and approved by Dr. Tom
McCandless, P. Geo., an independent director of Kennady
Diamonds and 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.