Mountain Province Diamonds Inc. (TSX:MPV,NYSE:MDM) announced a spin-out fo tis Kennady North diamond project into Kennady Diamonds Inc.

As quoted in the press release:

The proposed spin-out will occur through a plan of arrangement  and will be subject to regulatory and court approval, as well as shareholder approval at a special meeting currently planned for April 25, 2012. The Company has taken steps, subject to court approval, to set the record date for notice of and voting at the special meeting as March 23, 2012.

Click here to read the Mountain Province Diamonds Inc. (TSX:MPV) press release.