Post by Franko10 ™ on Sept 6, 2005 8:53:05 GMT -5
Kensington Resources Ltd. Warrants Set to Trade on September 7, 2005
09:00 EDT Tuesday, September 06, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 6, 2005) - Kensington Resources Ltd. (TSX VENTURE:KRT) (the "Company") reports that 5,029,499 share purchase warrants of the Company will commence trading on the TSX Venture Exchange effective at the opening on September 7, 2005. The trading symbol for the warrants is KRT.WT.
The warrants were issued in connection with a private placement of units completed in May 2005. Each warrant entitles the holder thereof to purchase one additional common share of the Company at a price of CDN $2.50 per share until May 6, 2006. The warrants will be governed by the terms of a warrant indenture between the Company and Computershare Trust Company of Canada, as warrant trustee. The warrant indenture will provide for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization. Upon completion of the proposed Plan of Arrangement with Shore Gold Inc., each of these warrants of the Company will be exchanged for a warrant to purchase 0.64 shares of Shore Gold Inc. Shore Gold Inc. has agreed to use reasonable efforts to cause the listing of these warrants on the Toronto Stock Exchange. Completion of the Plan of Arrangement is subject to, among other things, receipt of shareholder, regulatory and court approval. Please refer to the joint news release of the Company and Shore Gold Inc. dated August 15, 2005 for further details of the Plan of Arrangement.
Kensington Resources Ltd. is an exploration and mine development company currently focused on the high potential Fort a la Corne Diamond Project in Saskatchewan. The management team includes strong technical expertise and is committed to reaching a diamond producer status for the realization of shareholder value. The Fort a la Corne Diamond Project is a joint venture among Kensington Resources Ltd. (42.245%), De Beers Canada Inc. (42.245%), Cameco Corporation (5.51%) and UEM Inc. (carried 10%). After fifteen years of exploration at Fort a la Corne, the joint venture partners have entered into an accelerated results-driven advanced exploration and evaluation phase targeted on reaching a pre-feasibility decision in 2008. The Fort a la Corne Diamond Project includes 63 identified kimberlite bodies within the largest diamondiferous kimberlite cluster in the world.
Robert A. McCallum, President & CEO
FORM 20-F FILE #0-24980
LISTED IN STANDARD & POOR'S
FOR FURTHER INFORMATION PLEASE CONTACT:
Kensington Resources Ltd.
Robert A. McCallum
President & CEO
1-800-514-7859 or (604) 682-0020
(604) 682-0021 (FAX)
rob-mccallum@kensington-resources.com
or
Kensington Resources Ltd.
Mel Gardner
Manager Investor Relations
1-800-710-6083
mel-gardner@kensington-resources.com
www.kensington-resources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
09:00 EDT Tuesday, September 06, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 6, 2005) - Kensington Resources Ltd. (TSX VENTURE:KRT) (the "Company") reports that 5,029,499 share purchase warrants of the Company will commence trading on the TSX Venture Exchange effective at the opening on September 7, 2005. The trading symbol for the warrants is KRT.WT.
The warrants were issued in connection with a private placement of units completed in May 2005. Each warrant entitles the holder thereof to purchase one additional common share of the Company at a price of CDN $2.50 per share until May 6, 2006. The warrants will be governed by the terms of a warrant indenture between the Company and Computershare Trust Company of Canada, as warrant trustee. The warrant indenture will provide for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization. Upon completion of the proposed Plan of Arrangement with Shore Gold Inc., each of these warrants of the Company will be exchanged for a warrant to purchase 0.64 shares of Shore Gold Inc. Shore Gold Inc. has agreed to use reasonable efforts to cause the listing of these warrants on the Toronto Stock Exchange. Completion of the Plan of Arrangement is subject to, among other things, receipt of shareholder, regulatory and court approval. Please refer to the joint news release of the Company and Shore Gold Inc. dated August 15, 2005 for further details of the Plan of Arrangement.
Kensington Resources Ltd. is an exploration and mine development company currently focused on the high potential Fort a la Corne Diamond Project in Saskatchewan. The management team includes strong technical expertise and is committed to reaching a diamond producer status for the realization of shareholder value. The Fort a la Corne Diamond Project is a joint venture among Kensington Resources Ltd. (42.245%), De Beers Canada Inc. (42.245%), Cameco Corporation (5.51%) and UEM Inc. (carried 10%). After fifteen years of exploration at Fort a la Corne, the joint venture partners have entered into an accelerated results-driven advanced exploration and evaluation phase targeted on reaching a pre-feasibility decision in 2008. The Fort a la Corne Diamond Project includes 63 identified kimberlite bodies within the largest diamondiferous kimberlite cluster in the world.
Robert A. McCallum, President & CEO
FORM 20-F FILE #0-24980
LISTED IN STANDARD & POOR'S
FOR FURTHER INFORMATION PLEASE CONTACT:
Kensington Resources Ltd.
Robert A. McCallum
President & CEO
1-800-514-7859 or (604) 682-0020
(604) 682-0021 (FAX)
rob-mccallum@kensington-resources.com
or
Kensington Resources Ltd.
Mel Gardner
Manager Investor Relations
1-800-710-6083
mel-gardner@kensington-resources.com
www.kensington-resources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.