11 June 2020
Mountain Province Diamonds Inc. today announces the completion of the previously proposed agreement to sell (the "Sale") U.S.$50,000,000 of diamonds to Dunebridge Worldwide Ltd. ("Dunebridge").
Pursuant to the agreement outlined in the press release of June 8th, 2020, the Company has received conditional consent from the Toronto Stock Exchange ("TSX"), and all its lenders to enter into the Sale agreement with Dunebridge. The TSX approval is conditional on meeting TSX requirements (or filing standard documentation with TSX). The first sale for approximately U.S.$ 22,000,000 is expected to occur on June 11th, 2020.
Full details of the agreement will be provided in the Company's upcoming second quarter 2020 ("Q2 2020") MD&A and financial statements, copies of which will be available on the Company's website, and under its profile on www.sedar.com.
Advisors and Counsel
In connection with this transaction, the Independent Committee was advised by its financial advisor Lazard Canada. Stikeman Elliott LLP acted as counsel to the Independent Committee and Bennett Jones LLP acted as counsel to the Company.