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Post by Franko10 ™ on Jan 31, 2005 13:10:24 GMT -5
Kensington Resources Ltd. - First Tranche of Private Placement Closed for $974,000
VICTORIA, British Columbia--(BUSINESS WIRE)--Jan. 18, 2002
Kensington Resources Ltd. (the "Company") reports that it has closed the first tranche of the non-brokered private placement first announced on December 14, 2001. An aggregate of 1,623,334 units were issued at a price of $0.60 per unit for gross proceeds of $974,000. Each unit consists of one common share and one share purchase warrant. Each share purchase warrant entitles 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. Any shares issued pursuant to the private placement or issuable upon exercise of the share purchase warrants shall be subject to a hold period expiring on May 17, 2002.
Due to the level of interest for this financing, the Company increased the private placement from $1 million to $1.3 million. The proceeds will be used for continuing exploration activities at the Fort a la Corne Diamond Project in Saskatchewan as well as for general working capital. A cash commission of $15,000 is payable to one finder for arranging a portion of the first tranche. The second and final tranche will be closed shortly.
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.
ON BEHALF OF THE BOARD OF DIRECTORS OF KENSINGTON RESOURCES LTD.
"David H. Stone"
David H. Stone
President
TRADING SYMBOL: KRT-CDNX
For further information, please contact William Callahan, Manager of Investor Relations at (250) 361-1KRT or by e-mail at bill@kensington-resources.com
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
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
COPYRIGHT 2002 Business Wire
COPYRIGHT 2002 Gale Group
VICTORIA, British Columbia--(BUSINESS WIRE)--Jan. 18, 2002
Kensington Resources Ltd. (the "Company") reports that it has closed the first tranche of the non-brokered private placement first announced on December 14, 2001. An aggregate of 1,623,334 units were issued at a price of $0.60 per unit for gross proceeds of $974,000. Each unit consists of one common share and one share purchase warrant. Each share purchase warrant entitles 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. Any shares issued pursuant to the private placement or issuable upon exercise of the share purchase warrants shall be subject to a hold period expiring on May 17, 2002.
Due to the level of interest for this financing, the Company increased the private placement from $1 million to $1.3 million. The proceeds will be used for continuing exploration activities at the Fort a la Corne Diamond Project in Saskatchewan as well as for general working capital. A cash commission of $15,000 is payable to one finder for arranging a portion of the first tranche. The second and final tranche will be closed shortly.
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.
ON BEHALF OF THE BOARD OF DIRECTORS OF KENSINGTON RESOURCES LTD.
"David H. Stone"
David H. Stone
President
TRADING SYMBOL: KRT-CDNX
For further information, please contact William Callahan, Manager of Investor Relations at (250) 361-1KRT or by e-mail at bill@kensington-resources.com
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
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
COPYRIGHT 2002 Business Wire
COPYRIGHT 2002 Gale Group
