Kensington closes private placement
Kensington Resources Ltd KRT
Shares issued 24,670,435 May 5 close $0.44
Wed 5 May 99 News Release
Mr. David Stone reports
The company has closed the non-brokered private placement reported in Stockwatch April 27, 1999. A total of 800,000 units, instead of the 600,000 units reported, was acquired by Peter A. Allard of Barbados, West Indies, at 25 cents per unit, for gross proceeds of $200,000. Each unit consists of one share and a warrant to acquire an additional share at 30 cents until April 29, 2000, and at 40 cents until April 29, 2001. The securities issued and the common shares issuable upon the exercise of the warrants are subject to a hold period expiring Aug. 29, 1999.
The proceeds will be used to finance the processing of minibulk samples from the 1999 exploration program at the Fort a la Corne diamond project in Saskatchewan, as well as for general working capital . A cash commission of $12,000 is payable.
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