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Mountain Province Diamonds acquires Kennady Diamonds

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Kennady Diamonds Inc.

Mountain Province Diamonds Inc. and Kennady Diamonds Inc. announced the successful completion of their business combination, pursuant to which Mountain Province Diamonds Inc. has acquired all of the shares of Kennady Diamonds Inc. by way of a court approved plan of arrangement.

Under the terms of the arrangement, shareholders of Kennady Diamonds Inc. (other than Mountain Province Diamonds Inc.) received 0.975 Mountain Province shares in exchange for each share of Kennady Diamonds Inc. held.

Following completion of the arrangement, Mountain Province Diamonds Inc. owns 100% of the issued and outstanding shares of Kennady Diamonds Inc.. The implied equity value for Kennady Diamonds Inc. under the terms of the arrangement is approximately C$176 million.

Fasken advised the Special Committee of Kennady Diamonds Inc. on all aspects of the transaction.


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