26 March 2015
Toronto and New York, March 26, 2015 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPV, NASDAQ: MDM) is pleased to announce that primary syndication of the previously announced US$370M term loan facility (the “Facility”) has been successfully completed.
Commenting, Mountain Province CEO Patrick Evans said: “With the completion of primary syndication the way is now clear for the finalization of the documentation and closing of the Facility.”
Drawdown against the Facility is subject to funding of a cost overrun account, which is expected to be completed on closing of the previously announced C$95M rights issue on March 30, 2015. The Company’s major shareholder, Mr. Dermot Desmond, has advised the Company that he intends to fully exercise his rights and has also entered into a standby agreement with the Company in terms of which he has undertaken to fully subscribe for those rights not otherwise subscribed for under the rights issue.
Mr. Evans added: “The overall project development remains on schedule for first production in H2 2016 and continues within budget.”