25 April 2025
ORONTO and NEW YORK, April 25, 2025 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPVD) (OTC: MPVD) announces today that the Company has mailed and filed its notice of meeting, management information circular (the "Circular") and related documents (collectively, the "Meeting Materials") to the holders (the "Shareholders") of common shares of the Company (the "Shares") in connection with the annual and special meeting of Shareholders to be held virtually meetnow.global/MC9DXS6 at 11:00 a.m. (EST) on May 16, 2025 (the "Meeting"). The Meeting Materials will be filed on the Company's SEDAR+ profile at www.sedarplus.ca and will be accessible on the Company's website at www.mountainprovince.com.
In addition, to the routine matters of the election of directors, approval of the financial statements and the appointment of the Company's auditor, at the Meeting, Shareholders will be asked to pass an ordinary resolution (the "WCF Resolution") approving a new working capital facility (the "Proposed WCF") from Dunebridge Worldwide Ltd. ("Dunebridge"), a related party of the Company, in the amount of CAD33,000,000, or the USD equivalent amount (the "Principal Amount").
The Company expects that, combined with the Company's recently completed refinancing transactions announced on February 19, 2025 and March 25, 2025 (the "Refinancing Transactions"), the Proposed WCF will address the majority of the Company's cash flow requirements through the balance of the 2025 calendar year at currently modelled diamond prices. Specifically, the Proposed WCF will allow the Company to finance its near-term share of operational expenses at the Gahcho Kué diamond mine in the Northwest Territories, the joint venture in which the Company holds a 49% interest and its joint venture partner of De Beers Canada Inc. ("De Beers") holds the remaining 51% interest.
Mark Wall, the Company's President and Chief Executive Officer, commented:
"Mountain Province is grateful to have the continued support of Mr. Dermot Desmond, through Dunebridge, to meet the Company's current working capital requirements."