Mr. Dermot Desmond announces further investment in Kennady Diamonds Inc.
/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS/
CRANS-MONTANA, Switzerland, Oct. 9, 2015 /CNW/ - Mr. Dermot Desmond, of Residence Le Mont Blanc, Crans-Montana, Switzerland announces that he has acquired 4,500,000 common shares of Kennady Diamonds Inc. ("Kennady") (TSXV: KDI) on October 8, 2015 in a private placement, at a price of $2.75 per share for aggregate consideration of $12,375,000.00.
The shares have been acquired for investment purposes.
Immediately before completion of the private placement, Mr. Desmond and Bottin (International) Investments Ltd. ("Bottin") together held 7,030,683 shares of Kennady, representing 23.6% of the 29,809,857 issued and outstanding common shares of Kennady. Following the private placement, Mr. Desmond and Bottin together hold 11,530,683 common shares of Kennady, representing 24.6% of the 46,906,970 issued and outstanding common shares of Kennady.
Bottin is a private company based in Gibraltar. Mr. Desmond is the ultimate beneficial owner of Bottin.
About Kennady Diamonds
Kennady Diamonds Inc. controls 100 percent of the Kennady North diamond project located in Canada's Northwest Territories. Kennady North is immediately to the north and west of the Gahcho Kué Diamond Mine, a joint venture between Beers Canada (51%) and Mountain Province (49%), which is currently under construction and due to start production in H2 2016.
Kennady Diamonds aims to identify a resource along the Kelvin – Faraday kimberlite corridor of between a 12 and 15 million tonnes at a grade of between 2 and 2.5 carats per tonne and also to identify new kimberlites outside of the corridor. The Kelvin – Faraday corridor is a target for further exploration. The tonnage estimate is based on the drilling completed to date. The potential quantity is conceptual in nature as there has been insufficient drilling to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
(Signed): "Dermot Desmond"
SOURCE Kennady Diamonds Inc.
Contact
tbehan@iiu.ie