Mining News: Northern Neighbors: Kennady Diamonds raises C$18.6M

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.

- Shane Lasley