Mountain Province Diamonds Transfers Project to Kennady

Mountain Province Diamonds Inc. (TSX:MPV,NYSE:MDM) announced it has transferred the Kennady North property to Kennady Diamonds Inc. (TSXV:KDI).

As quoted in the press release:

Upon completion of the transfer of the Kennady North property and working capital of C$3M to Kennady Diamonds in exchange for 16,143,111 shares of Kennady Diamonds, Mountain Province distributed the shares of Kennady Diamonds to Mountain Province shareholders on the basis of one Kennady Diamonds’ share for every five shares of Mountain Province held by shareholders. The Arrangement is described in detail in the Company’s information circular dated March 29, 2012, (the “Circular”), and any capitalized terms otherwise not defined in this news release shall have the meaning as set out in the Circular.

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