The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Kennady Diamonds Inc. March 10 reported the closing of the final tranche of a C$18.64 million non-brokered private placement financing.
In this third tranche, the diamond exploration company issued 651,312 shares at C$3.55 each for C$2.31 million.
Proceeds of the private placement will be used primarily for the 2015 winter exploration program at the company's Kennady North project located immediately adjacent to the De Beers-Mountain Province Diamonds Gahcho Kué diamond mine in Canada's Northwest Territories and for general working capital.
The exploration program includes a 500- to 700-metric-ton bulk sample from the Kelvin kimberlite, delineation drilling at the Kelvin and Faraday kimberlites and exploration drilling.
Kennady Diamonds anticipates undertaking additional flow-through financings over the next few months.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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