/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS/
GIBRALTAR and DUBLIN, April 16,
2018 /CNW/ - Bottin (International) Investments Ltd.
("Bottin"), of 57/63 Line Wall Road, Gibraltar, Vertigol Unlimited Company
("Vertigol") of Dublin,
Ireland and Mr. Dermot F.
Desmond – together announce that Bottin transferred
9,447,797 common shares of Kennady Diamonds Inc. ("KDI")
(TSXV: KDI) for a consideration of CDN$3.0286 per KDI common share and 22,343,720
common shares of Mountain Province Diamonds Inc. ("MPVD")
for a consideration of CDN$3.3088 per
MPVD common share to Vertigol on April 12,
2018. Bottin also transferred 10,000 common shares of MPVD
to Mr. Dermot Desmond for a
consideration of CDN$3.33 per MPVD
common share. Bottin transferred the shares to Vertigol and
Mr. Desmond as part of a corporate reorganization.
Mr. Dermot F. Desmond is the
ultimate beneficial owner of both Bottin and Vertigol.
Immediately before completion of the corporate reorganization,
Vertigol held no common shares or other securities of either KDI or
MPVD. Following completion of the corporate reorganization,
Vertigol and Mr. Dermot F. Desmond
together held an aggregate of 14,485,797 common shares of KDI
(26.8% approximately) and 37,951,887 (23.7% approximately) common
shares of MPVD.
On April 13, 2018, Vertigol and
Mr. Dermot F. Desmond disposed of an
aggregate of 14,485,797 common shares of KDI in a court ordered
plan of arrangement pursuant to which MPVD acquired all the issued
and outstanding common shares of KDI in exchange for 0.975 common
shares of MPVD per common share of KDI. Vertigol, the holder
of 9,447,797 common shares of KDI (17.5% approximately) at the time
of completion of the plan of arrangement, received 9,211,602 common
shares of MPVD upon completion of the plan of arrangement.
Mr. Dermot F. Desmond, the holder of
5,038,000 common shares of KDI (9.3% approximately) received
4,912,050 common shares of MPVD upon completion of the plan of
arrangement.
MPVD has 209,999,142 common shares outstanding on an undiluted
basis and 213,969,473 common shares outstanding on a fully diluted
basis following completion of its business combination with
KDI. Vertigol holds 31,555,322 common shares (15.0%
approximately) of MPVD, and Mr. Desmond holds 20,520,217 common
shares (9.8% approximately) of MPVD. In aggregate, Vertigol
and Mr. Desmond hold 52,075,539 common shares of MPVD, representing
approximately 24.8% of the 209,999,142 issued and outstanding
common shares of MPVD on an undiluted basis. On a fully
diluted basis, Vertigol and Mr. Desmond together hold approximately
24.3% of the common share capital of MPVD.
Further details regarding the business combination of MPVD and
KDI are set out in the joint management information circular of
Mountain Province and Kennady
dated March 5, 2018, which is
available on Mountain Province's
website at www.mountainprovince.com and on Kennady's website at
www.kennadydiamonds.com/investors/mpvd-transaction, and on SEDAR
under the issuer profiles of Mountain
Province and Kennady, respectively, at www.sedar.com.
Mr. Desmond and Vertigol acquired the MPVD shares for investment
purposes.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved of the information contained
herein. This news release is not an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction,
nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
SOURCE Kennady Diamonds Inc.