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Post by Franko10 ™ on Jan 31, 2005 13:06:46 GMT -5
Kensington Resources Ltd. - $1 Million Private Placement
VICTORIA, British Columbia--(BUSINESS WIRE)--Dec. 14, 2001
Kensington Resources Ltd. (the "Company") reports that it has arranged for a non-brokered private placement of 1,666,666 units at a price of $0.60 per unit for gross proceeds of $1 million. Each unit shall consist of one common share and one share purchase warrant. Each share purchase warrant shall entitle the holder thereof to purchase one additional common share in the capital of the Company for a period of two years from closing at the exercise price of $0.70 in the first year and $0.80 in the second year. Prior to closing, the Company intends to file an annual information form ("AIF") in accordance with Multilateral Instrument 45-102. Upon the filing of the Company's AIF, any shares issued pursuant to the private placement or upon exercise of the share purchase warrants shall be subject to a hold period expiring four months from closing.
The proceeds of the private placement will be used for continuing exploration activities at the Fort a la Corne Diamond Project in Saskatchewan as well as for general working capital. Finder's fees shall be payable on a portion of the financing. The private placement is subject to regulatory approval.
The Fort a la Corne Diamond Project is a joint venture among De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.25%), Cameco Corporation (CCO-TM;CCJ-DNQX;CMECF-L) (5.5%), UEM Inc. (carried 10%), and Kensington Resources Ltd. (KRT-CDNX;KNSRF-L) (42.25%). The 71+ kimberlite bodies of the Fort a la Corne Field form one of the largest diamondiferous clusters in the world. The 2001 program was funded by Kensington, De Beers, and Cameco.
This news release is not intended for and should not be disseminated to or read by any resident of the United States or any U.S. person. The offered securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
ON BEHALF OF THE BOARD OF DIRECTORS OF KENSINGTON RESOURCES LTD. (signed) "David H. Stone" David H. Stone President
TRADING SYMBOL: KRT-CDNX
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
KENSINGTON RESOURCES LTD. Head Office Suite 304, 1208 Wharf Street Victoria, British Columbia, CANADA V8W 3B9 Tel: (250) 361-1KRT (361-1578) Fax: (250) 361-3410 Website: www.kensington-resources.com E-Mail: info@kensington-resources.com
COPYRIGHT 2001 Business Wire
COPYRIGHT 2001 Gale Group
VICTORIA, British Columbia--(BUSINESS WIRE)--Dec. 14, 2001
Kensington Resources Ltd. (the "Company") reports that it has arranged for a non-brokered private placement of 1,666,666 units at a price of $0.60 per unit for gross proceeds of $1 million. Each unit shall consist of one common share and one share purchase warrant. Each share purchase warrant shall entitle the holder thereof to purchase one additional common share in the capital of the Company for a period of two years from closing at the exercise price of $0.70 in the first year and $0.80 in the second year. Prior to closing, the Company intends to file an annual information form ("AIF") in accordance with Multilateral Instrument 45-102. Upon the filing of the Company's AIF, any shares issued pursuant to the private placement or upon exercise of the share purchase warrants shall be subject to a hold period expiring four months from closing.
The proceeds of the private placement will be used for continuing exploration activities at the Fort a la Corne Diamond Project in Saskatchewan as well as for general working capital. Finder's fees shall be payable on a portion of the financing. The private placement is subject to regulatory approval.
The Fort a la Corne Diamond Project is a joint venture among De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.25%), Cameco Corporation (CCO-TM;CCJ-DNQX;CMECF-L) (5.5%), UEM Inc. (carried 10%), and Kensington Resources Ltd. (KRT-CDNX;KNSRF-L) (42.25%). The 71+ kimberlite bodies of the Fort a la Corne Field form one of the largest diamondiferous clusters in the world. The 2001 program was funded by Kensington, De Beers, and Cameco.
This news release is not intended for and should not be disseminated to or read by any resident of the United States or any U.S. person. The offered securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
ON BEHALF OF THE BOARD OF DIRECTORS OF KENSINGTON RESOURCES LTD. (signed) "David H. Stone" David H. Stone President
TRADING SYMBOL: KRT-CDNX
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
KENSINGTON RESOURCES LTD. Head Office Suite 304, 1208 Wharf Street Victoria, British Columbia, CANADA V8W 3B9 Tel: (250) 361-1KRT (361-1578) Fax: (250) 361-3410 Website: www.kensington-resources.com E-Mail: info@kensington-resources.com
COPYRIGHT 2001 Business Wire
COPYRIGHT 2001 Gale Group
