Owner
Post by Franko10 ™ on Jan 31, 2005 14:22:21 GMT -5
Kensington Resources Ltd.: Private Placement Closed for $2.3 Million
VICTORIA, British Columbia--(BUSINESS WIRE)--July 10, 2003
Kensington Resources Ltd. (the "Company") is pleased to report the closing of its previously announced non-brokered private placement. A total of 3,037,164 units were issued at a price of $0.75 per unit for gross proceeds of $2,277,873. Each unit consisted of one common share and one share purchase warrant entitling the holder thereof to purchase one additional common share in the capital of the Company for a period of two years at the exercise price of $0.85 in the first year and $1.05 in the second year expiring July 6, 2005. In accordance with Multilateral Instrument 45-102, any shares issued pursuant to the private placement or issuable upon exercise of the share purchase warrants are subject to a hold period expiring on November 8, 2003. 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. Finder's fees and commissions totalling $34,750 were paid in connection with this private placement.
The Fort a la Corne Diamond Project is a joint venture among Kensington Resources Ltd. (42.25%), De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.25%), Cameco Corporation (5.5%) and UEM Inc. (carried 10%). De Beers Canada Exploration Inc. is the operator of the project. The 71+ kimberlite bodies of the Fort a la Corne Field form one of the largest diamondiferous clusters in the world. Using the expertise of proven management and a world-class experienced technical team, Kensington Resources Ltd. is actively involved in confirming the economic potential of this deposit and moving the project forward to a development decision as rapidly as possible.
ON BEHALF OF THE BOARD OF DIRECTORS OF KENSINGTON RESOURCES LTD.
David H. Stone, President
FORM 20-F FILE #0-24980 LISTED IN STANDARD & POOR'S
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
COPYRIGHT 2003 Business Wire
COPYRIGHT 2003 Gale Group
VICTORIA, British Columbia--(BUSINESS WIRE)--July 10, 2003
Kensington Resources Ltd. (the "Company") is pleased to report the closing of its previously announced non-brokered private placement. A total of 3,037,164 units were issued at a price of $0.75 per unit for gross proceeds of $2,277,873. Each unit consisted of one common share and one share purchase warrant entitling the holder thereof to purchase one additional common share in the capital of the Company for a period of two years at the exercise price of $0.85 in the first year and $1.05 in the second year expiring July 6, 2005. In accordance with Multilateral Instrument 45-102, any shares issued pursuant to the private placement or issuable upon exercise of the share purchase warrants are subject to a hold period expiring on November 8, 2003. 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. Finder's fees and commissions totalling $34,750 were paid in connection with this private placement.
The Fort a la Corne Diamond Project is a joint venture among Kensington Resources Ltd. (42.25%), De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.25%), Cameco Corporation (5.5%) and UEM Inc. (carried 10%). De Beers Canada Exploration Inc. is the operator of the project. The 71+ kimberlite bodies of the Fort a la Corne Field form one of the largest diamondiferous clusters in the world. Using the expertise of proven management and a world-class experienced technical team, Kensington Resources Ltd. is actively involved in confirming the economic potential of this deposit and moving the project forward to a development decision as rapidly as possible.
ON BEHALF OF THE BOARD OF DIRECTORS OF KENSINGTON RESOURCES LTD.
David H. Stone, President
FORM 20-F FILE #0-24980 LISTED IN STANDARD & POOR'S
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
COPYRIGHT 2003 Business Wire
COPYRIGHT 2003 Gale Group
