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Mountain Province Acquires Kennady Project

Deal reunites two companies that split five years ago.
Jan 30, 2018 4:42 AM   By Rapaport News
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RAPAPORT... Mountain Province Diamonds will purchase exploration group Kennady Diamonds in an all-share deal, reuniting two Canadian companies that split five years ago.

For each Kennady share, its investors will receive 0.975 of a Mountain Province share, valuing Kennady at $142.7 million (CAD 176 million), the miners said Monday. Once the transaction is complete, Mountain Province shareholders will own 76% of the combined company, while Kennady shareholders will own 24%.

Mountain Province spun off its Kennady North exploration project in Canada’s Northwest Territories as a separate company, Kennady Diamonds, in April 2012. At the time, Mountain Province president Patrick Evans said the deal’s purpose was maximizing the value of Kennady North, while enabling Mountain Province to focus on developing its Gahcho Kué mine. The executive left Mountain Province last year to join Dominion Diamond Corporation as CEO.

In the Monday statement, Mountain Province CEO David Whittle said the Kennady assets — namely its Kelvin and Faraday kimberlites — strongly complemented the Gahcho Kué project.

“Kennady’s exploration efforts have been very successful, and we have high confidence in our ability to continue that success, not only through expanding the existing resources at Kelvin and Faraday, but through the potential for further discoveries, not just in the Kelvin-Faraday corridor, but elsewhere across the property,” he said.
Tags: acquisition, David Whittle, Dominion Diamond Corporation, Faraday, Gahcho Kué, kelvin, Kelvin-Faraday corridor, kennady, Kennady Diamonds, kennady north, kimberlites, mountain province, Mountain Province Diamonds, Patrick Evans, Rapaport News
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