3 February 2015
Toronto and New York, February 3, 2015 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPV, NASDAQ: MDM) today announced that the Company has received credit approval for the previously announced US$370M term loan facility (the “Facility”).
For reasons unrelated to the specifics of the transaction or the Gahcho Kué project Deutsche Bank A.G. has been replaced as a mandated lead arranger by the Bank of Nova Scotia (“Scotiabank”). Natixis S.A. and Nedbank Limited remain joint mandated lead arrangers with Scotiabank.
Commenting, Mountain Province CEO Patrick Evans said: “We welcome Scotiabank to the lending syndicate and are very pleased to have Canada’s leading lender to the mining industry as part of the lending group. Significant progress was made to complete due diligence prior to the end of 2014 and credit approval has now been received from the lead arrangers.”
Finalization of the Facility remains subject to conditions, including agreement on Facility documentation and syndication, which are expected shortly. Drawdown against the Facility is subject to arrangement of a cost overrun facility.
Mr. Evans added: “As at the end of December, 2014, the overall project development was more than 50 percent complete and remains on budget and schedule for first production on H2 2016.”