Kennady Diamonds Completes Plan of Arrangement
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. /
Shares Issued and Outstanding: 16,143,112
TORONTO, July 10, 2012 /CNW/ - Kennady Diamonds Inc. (TSXV: KDI) ("KDI" or the "Company") today announced that the plan of arrangement between the Company and Mountain Province Diamonds Inc. ("MPV") is now complete, and KDI shares have commenced trading on the TSX Venture Exchange ("TSX-V") today under the ticker symbol KDI.
ABOUT KENNADY DIAMONDS
Kennady Diamonds was incorporated under the Business Corporations Act (Ontario) (the "Act") on February 27, 2012, for the primary purpose of acquiring from MPV, all of MPV's interest in the Kennady North Project, pursuant to an arrangement (the "Arrangement") under the Act, involving KDI, MPV and MPV's shareholders. Pursuant to the Arrangement, MPV has transferred the Kennady North Project and C$3,000,000 in working capital to KDI in exchange for 16,143,111 KDI common shares.
The Kennady North Project consists of the thirteen leases and claims located primarily to the west and north of the Gahcho Kué Project, located on Kennady Lake in the Northwest Territories. The Kennady North Project's independent NI 43-101 technical report, as well as KDI's further public disclosure going forward, is and will be available on SEDAR at www.sedar.com.
FORWARD LOOKING INFORMATION
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, KDI's strategic plans, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. KDI disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.For further information: