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News Breaks
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January 12, 2012
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| 10:30 EDT |  | MDM |
| theflyonthewall.com: | Mountain Province Diamonds to spin-out Kennady Diamonds | | Mountain Province Diamonds announced that its Board of Directors has approved a proposal to spin-out the Company's 100% controlled Kennady North diamond project into a newly incorporated company, Kennady Diamonds Inc. The proposed spin-out will occur through a plan of arrangement and will be subject to regulatory and court approval, as well as shareholder approval at a special meeting currently planned for April. Upon completion of the Arrangement and the proposed listing of Kennady Diamonds on the TSX Venture Exchange, the company intends to distribute 100% of the shares of Kennady Diamonds to Mountain Province shareholders on a pro rata basis. Mountain Province will also provide Kennady Diamonds with sufficient working capital to fund the planned exploration activities for 2012. :theflyonthewall.com |
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