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Shares Issued and Outstanding: 47,581,970
TSX-V:
KDI
VANCOUVER, May 12, 2017 /CNW/ - Kennady Diamonds
Inc. ("Kennady Diamonds" or the "Company") (TSX-V: KDI) today
announced an increase to its previously announced non-brokered
private placement of a combination of common shares and
flow-through common shares. Due to heavy demand, the non-brokered
private placement has been increased from C$10,000,000 to C$12,000,000.
In all other respects, the terms of the non-brokered private
placement, will be as announced on April 28,
2017. The offering is expected to close on Wednesday, May 17, 2017.
The additional proceeds under the non-brokered private placement
will be used in part to fund the Company's 2017 exploration and
evaluation program on the Kennady North Project, and for general
corporate purposes. Completion of the non-brokered private
placement is subject to the approval of the TSX Venture
Exchange.
About Kennady Diamonds
Kennady Diamonds Inc. controls 100 percent of the Kennady North
diamond project located in Canada's Northwest
Territories. Kennady North is adjacent to the Gahcho Kué
Diamond Mine, a joint venture between De Beers Canada (51%) and
Mountain Province (49%), which
started production in late 2016. Kennady is focused on expanding
its high-grade diamond resources along the Kelvin – Faraday
kimberlite corridor, as well identifying new kimberlites outside of
the corridor. To date an indicated resource of 13.62 million carats
of diamonds contained in 8.50 million tonnes of kimberlite, with a
grade of 1.60 carats per tonne and an average value of US$63 per carat has been defined for the Kelvin
kimberlite using a 1mm diamond bottom cutoff size. The Kelvin –
Faraday corridor is also a target for further exploration.
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.
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, the
Company'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. The
Company 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.
SOURCE Kennady Diamonds Inc.