News Column

Canada : MOUNTAIN PROVINCE DIAMONDS increase placement to $45 million

June 17, 2014

Mountain Province Diamonds Inc. increased the size of its announced non-brokered private placement from $35 million to $45 million. The first tranche under the private placement closed on June 12 and the second tranche is to close on or before June 20.

Common shares issued under the private placement have been priced at $5 per share and are subject to a four month hold period.

The proceeds of the private placement will be used to support the company's 49% share of capital expenditures at the Gahcho KuÉ diamond project and for general corporate purposes. De Beers Canada holds a 51% stake in the project.

First production is expected in the second half of 2016. The project consists of a cluster of 4 diamondiferous kimberlites, 3 of which have a probable diamond content total of 55.5 million carats.

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Source: TendersInfo (India)

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