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Gold/Mining/Energy : Kensington Resources Ltd. (V.KRT) * Diamond in the rough! -- Ignore unavailable to you. Want to Upgrade?

To: Sieg who wrote (4758)	5/25/2000 11:54:00 AM
From: Ross Mickey	Read Replies (1) \| Respond to of 5206

Kensington receives private placement funds Kensington Resources Ltd KRT Shares issued 24,670,435 May 23 close $0.25 Wed 24 May 2000 News Release Mr. David Stone reports Further to news in Stockwatch March 8, 2000, announcing a private placement of special warrants at 27 cents per special warrant, the company has received subscription agreements and funds totalling $553,079. Subject to final acceptance by the Canadian Venture Exchange, the company intends to issue a total of 2,048,441 special warrants at a price of 27 cents per special warrant. Each special warrant shall be convertible for no additional consideration into one unit of the company comprising one common share and one non-transferable share purchase warrant. Each share purchase warrant shall entitle the holder thereof to purchase one additional common share in the capital of the company at a price of 37 cents for a period of one year from closing. Subject to regulatory approval, commissions totalling $46,334 in cash shall be payable to two parties who are at arm's length to the company. The company intends to file an annual information form with the B.C. Securities Commission. Upon the filing of the company's AIF, any securities issued pursuant to this private placement or upon exercise of the share purchase warrants shall be subject to a hold period expiring four months from closing. The proceeds of the private placement will be used to finance the 2000 exploration program at the Fort a la Corne diamond project in Saskatchewan as well as for general working capital. The Fort a la Corne diamond project is a joint venture among Monopros Limited, a wholly owned subsidiary of De Beers (38 per cent), Cameco Corporation (14 per cent), UEM Inc. (10 per cent) and Kensington Resources Ltd. (38 per cent). The Fort a la Corne kimberlite cluster is one of the largest clusters in the world containing 71 kimberlite bodies. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com