24 October 2022
TORONTO and NEW YORK, Oct. 24, 2022 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPVD) (OTC: MPVD) today announces that it has set a date for a special meeting of shareholders (the "Meeting") of December 1, 2022. The record date for shareholders entitled to receive notice and vote at the Meeting has been set as October 28, 2022.
The Company continues to engage with certain major existing bondholders on the potential issuance of a debt instrument to refinance the Company's outstanding senior secured second lien notes. These existing bondholders include an entity ultimately beneficially owned by the Company's largest beneficial shareholder, Mr. Dermot Desmond. Should the Company and the relevant bondholders decide to proceed with such a transaction, the Company will seek disinterested shareholder approval of the proposed transaction at the Meeting. Any such transaction will also be subject to regulatory approval.
About Mountain Province Diamonds Inc.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 107,373 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.