18 February 2015
February 18, 2015 – Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPV, NASDAQ: MDM) announced today that the Company is undertaking a C$95M rights offering (the “Offering”) in order to fund a US$75M cost overrun facility (the “Overrun Facility”), the arrangement of which is a condition precedent to drawdown of the previously announced US$370M term loan facility. The Company’s major shareholder, Mr. Dermot Desmond, has advised the Company that he intends to fully exercise his rights under the Offering. In addition, the Company has entered into a standby agreement (the “Standby Agreement”) with Mr. Desmond in terms of which Mr. Desmond has undertaken to fully subscribe for those rights not otherwise subscribed for under the Offering.