/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS/
GIBRALTAR and DUBLIN, April 16, 2018 /CNW/ - Bottin (International) Investments Ltd. ("Bottin"), of 57/63 Line Wall Road, Gibraltar, Vertigol Unlimited Company ("Vertigol") of Dublin, Ireland and Mr. Dermot F. Desmond – together announce that Bottin transferred 9,447,797 common shares of Kennady Diamonds Inc. ("KDI") (TSXV: KDI) for a consideration of CDN$3.0286 per KDI common share and 22,343,720 common shares of Mountain Province Diamonds Inc. ("MPVD") for a consideration of CDN$3.3088 per MPVD common share to Vertigol on April 12, 2018. Bottin also transferred 10,000 common shares of MPVD to Mr. Dermot Desmond for a consideration of CDN$3.33 per MPVD common share. Bottin transferred the shares to Vertigol and Mr. Desmond as part of a corporate reorganization.
Mr. Dermot F. Desmond is the ultimate beneficial owner of both Bottin and Vertigol.
Immediately before completion of the corporate reorganization, Vertigol held no common shares or other securities of either KDI or MPVD. Following completion of the corporate reorganization, Vertigol and Mr. Dermot F. Desmond together held an aggregate of 14,485,797 common shares of KDI (26.8% approximately) and 37,951,887 (23.7% approximately) common shares of MPVD.
On April 13, 2018, Vertigol and Mr. Dermot F. Desmond disposed of an aggregate of 14,485,797 common shares of KDI in a court ordered plan of arrangement pursuant to which MPVD acquired all the issued and outstanding common shares of KDI in exchange for 0.975 common shares of MPVD per common share of KDI. Vertigol, the holder of 9,447,797 common shares of KDI (17.5% approximately) at the time of completion of the plan of arrangement, received 9,211,602 common shares of MPVD upon completion of the plan of arrangement. Mr. Dermot F. Desmond, the holder of 5,038,000 common shares of KDI (9.3% approximately) received 4,912,050 common shares of MPVD upon completion of the plan of arrangement.
MPVD has 209,999,142 common shares outstanding on an undiluted basis and 213,969,473 common shares outstanding on a fully diluted basis following completion of its business combination with KDI. Vertigol holds 31,555,322 common shares (15.0% approximately) of MPVD, and Mr. Desmond holds 20,520,217 common shares (9.8% approximately) of MPVD. In aggregate, Vertigol and Mr. Desmond hold 52,075,539 common shares of MPVD, representing approximately 24.8% of the 209,999,142 issued and outstanding common shares of MPVD on an undiluted basis. On a fully diluted basis, Vertigol and Mr. Desmond together hold approximately 24.3% of the common share capital of MPVD.
Further details regarding the business combination of MPVD and KDI are set out in the joint management information circular of Mountain Province and Kennady dated March 5, 2018, which is available on Mountain Province's website at www.mountainprovince.com and on Kennady's website at www.kennadydiamonds.com/investors/mpvd-transaction, and on SEDAR under the issuer profiles of Mountain Province and Kennady, respectively, at www.sedar.com.
Mr. Desmond and Vertigol acquired the MPVD shares for investment purposes.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. This news release is not an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
SOURCE Kennady Diamonds Inc.
For further information: Emma Leeson, IFSC House, Custom House Quay Dublin 1., Tel +353 1 6054444