FINANCE – Kennady Diamonds Inc. Oct. 1 reported the closing of a previously reported non-brokered private placement of common shares, for gross proceeds of C$5 million. The company issued 769,500 common shares at a price of C$6.50 per share. The shares are subject to a four-month hold period, expiring on Feb. 2, 2015. Kennady Diamonds said the proceeds of the private placement will be used primarily for the 2014 fall-winter exploration program at the Kennady North diamond project in Northwest Territories and for general working capital.
FINANCE – Mountain Province Diamonds Inc. Sept. 30 reported that it has entered into an agreement with a syndicate of underwriters led jointly by BMO Capital Markets, RBC Capital Markets and Scotia Capital Inc., under which the underwriters have agreed to buy, on a bought deal basis by way of private placement, 15 million common shares of the company, at a price of C$5.00 per common share for gross proceeds of C$75 million. Concurrent with the offering, the company intends undertaking a non-brokered private placement of 5 million common shares of the company at a price of C$5.00 per common share for gross proceeds of C$25 million. The non-brokered private placement will be sold to Bottin (International) Investments Ltd. and other qualified investors. The company intends to use the net proceeds of the offering for the continued development of the company’s Gahcho Kué diamonds project and for general corporate purposes.
FINANCE – TerraX Minerals Inc. Sept. 30 said it has completed an initial closing of 5,550,000 units at C35 cents per unit for gross proceeds of C$1,942,500. Each unit consists of one common share and one-half of one purchase warrant, with each full warrant entitling the holder to purchase an additional common share at C50 cents per share until Sept. 30, 2017. The shares, warrants and any shares acquired on the exercise of warrants will be subject to a hold period expiring on Jan. 31, 2015. Cash finder’s fees will be payable with respect to a portion of this placement along with the issuance, to certain finders, of 28,000 finders warrants exercisable at C50 cents until Sept. 30, 2017. The proceeds of this private placement will be used to finance drilling this winter on TerraX's Yellowknife City Gold Project, immediately north of Yellowknife, Northwest Territories.
TUNGSTEN – Exploration results at North American Tungsten Corporation Ltd. mine in the Northwest Territories indicate that estimates of mineral reserves have increased, extending the mine’s life, the company’s chairman and CEO, Kurt Heikkila, reported Sept. 19. “This is excellent news for the company to report to the public, to its customers, and to its employees: over the past three years, NTC has extracted over 1.4 million tons of ore at Cantung; yet our probable reserve estimates over that period have increased from the 1.69 million tons reported in 2011 to our current estimate of 1.82 million tons.” The updated reserves and resources support an extended mine life to beyond 2017, according to Heikkila. “We’ve identified sufficient reserves to support commercial operations at Cantung beyond the end of 2017, and our intention is to continue exploration and definition diamond drilling to add to the reserves and resources, and, ultimately, the mine’s operating life,” he said. “These exploration results validate the significant, longer-term investment our company has made in Cantung over the past several years, and reaffirm our confidence in the mine’s future. As one example of improvements generated by targeted investments, mill throughput now averages more than 1,300 tons per day, an important increase over the earlier daily averages of 1,100 tons,” he added. Prepared in accordance with F-1 Requirements of National Instrument 43-101, the full report upon which these estimates are based will be filed on SEDAR within 45 days, the company added.
