16 September 2014
Toronto, Ontario, September 16, 2014 – Kennady Diamonds Inc. (“Kennady Diamonds”, the “Company”) (TSX-V: KDI) today announced that the Company is arranging a non-brokered private placement (the “Placement”) to raise approximately C$5M through the issuance of common shares at a price of C$6.50 per share. The Placement is expected to close on or about September 30, 2014, and is subject to regulatory approval.
Kennady Diamonds’ major shareholder, Bottin International Investments Ltd., is subscribing for 538,000 common shares under the Placement for gross proceeds of approx. C$3.5M.
The proceeds from the Placement will be used to fund the Company’s expanded 2014 summer/fall exploration program and for general corporate purposes. Securities issued under the Placement will be subject to a four month hold period.