27 October 2022
TORONTO and NEW YORK, Oct. 27, 2022 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTCQX: MPVD) today announces production and sales results for the third quarter ended September 30, 2022 ("the Quarter" or "Q3 2022") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.
Mark Wall, the Company's President and Chief Executive Officer, commented:
"After a disappointing production performance in Q1 and into Q2, an action plan was developed to drive operational and safety improvements at the mine. The safety performance was however further impacted by a workplace fatality in early September. Workplace fatalities have no place in our industry and ensuring a safe workplace is a primary focus. On production, Q3 was stronger than both Q1 and Q2 and the action plan in place is incrementally delivering the required improvements. This improving production performance, coupled with our very strong financial performance during the quarter places the Company in a strong position as we enter the final quarter of the year.
We have also recently announced our refinancing solution with a net US$190 million in private second lien notes from our existing bondholders at a coupon of 9%, with further details within the associated press release. From discussions with several shareholders there was a concern that there would be a large equity issue with this refinancing, I am very happy to report that our three main existing bondholders have presented a refinancing package that features no equity dilution of existing shareholders."
See full release for more.