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Shares Issued and Outstanding: 47,581,970
TSX-V: KDI
VANCOUVER, May 12, 2017 /CNW/ - Kennady Diamonds
Inc. ("Kennady Diamonds" or the "Company") (TSX-V: KDI) today announced an increase to its previously announced non-brokered
private placement of a combination of common shares and flow-through common shares. Due to heavy demand, the non-brokered private
placement has been increased from C$10,000,000 to C$12,000,000.
In all other respects, the terms of the non-brokered private placement, will be as announced on April
28, 2017. The offering is expected to close on Wednesday, May 17, 2017.
The additional proceeds under the non-brokered private placement will be used in part to fund the Company's 2017 exploration
and evaluation program on the Kennady North Project, and for general corporate purposes. Completion of the non-brokered private
placement is subject to the approval of the TSX Venture Exchange.
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.
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.
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