Canadian diamond exploration firm Kennady Diamonds plans to raise C$20m ($16m) to fund company’s winter drilling programme and other corporate expenses.

Canadian diamond exploration firm Kennady Diamonds plans to raise C$20m ($16m ) to fund company’s winter drilling programme and other corporate expenses.

The funds will be raised through a non-brokered private placement in a combination of common shares and flow-through common shares.

Major stakeholder of the company, Bottin (International) Investment has agreed to subscribe shares under the placement.

Kennady Diamonds’ exploration program comprises of 500 to 700 tonne bulk sample from the Kelvin kimberlite, delineation drilling at the Kelvin and Faraday kimberlites, exploration drilling at the MZ and Doyle kimberlites.

The firm also wants to test new exploration targets at the Kennady North project, as a part of the yearly program.

Kennady Diamonds will continue with the initiative till 17 February 2015, which is subject to regulatory approvals.