TORONTO, July 23, 2013 /CNW/ - Kennady Diamonds Inc. ("Kennady
Diamonds", the "Company") (TSX-V: KDI) today announced the terms of the
previously announced non-brokered private placement ("Placement"). The
Company plans to raise up to C$1.5M through a combination of common
shares and flow-through common shares. The common shares to be issued
under the Placement have been priced at $1.50 per share and the
flow-through common shares have been priced at C$1.80 per share. The
Placement is subject to regulatory approval.
Kennady Diamonds' major shareholder, Bottin International Investments
Ltd. (controlled by Dermot Desmond), is subscribing for 250,000 common
shares under the Placement, for gross proceeds of C$370,000.
Combined with funds currently available in treasury, the proceeds from
this Placement will be sufficient to fund the 2013 summer exploration
program, which is currently underway, and other working capital
requirements. The Placement is expected to close on or before July 31,
2013.
About Kennady Diamonds
Kennady Diamonds controls 100 percent of the Kennady North project which
comprises thirteen leases and claims located immediately to the west
and north of the four leases controlled by the Gahcho Kué Joint Venture
between De Beers Canada and Mountain Province located in Canada's
Northwest Territories.
Exploration at Kennady North has resulted in the discovery of the
diamond-bearing Kelvin, Faraday and Hobbes kimberlites. The number of
diamonds recovered from these kimberlites and the size-frequency
distribution indicate that they may be of comparable grade to the 5034
(1.77 carats per tonne) and Hearne (2.10 carats per tonne) kimberlites
at the Gahcho Kué JV. Exploration samples from Kelvin and Faraday
returned a relatively large number of macro diamonds with the two
largest being a 0.4 carat diamond from Faraday and a 0.09 carat diamond
from Kelvin.
Kennady Diamonds aims to identify a minimum 5 million tonne resource
along the Kelvin - Faraday kimberlite corridor and also to identify new
kimberlites outside of the corridor.
Qualified Person
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.
![](http://rt.newswire.ca/rt.gif?NewsItemId=C9221&Transmission_Id=201307231407CANADANWCANADAPR_C9221&DateId=20130723)