Mountain Province Diamonds completes!
Mountain Province Diamonds announces the completion of the previously proposed agreement to sell of US$50,000,000 of diamonds to Dunebridge Worldwide Ltd.
Pursuant to the agreement outlined in the press release of June 8th, 2020, the Company has received conditional consent from the Toronto Stock Exchange, and all its lenders to enter into the Sale agreement with Dunebridge. The TSX approval is conditional on meeting TSX requirements. The first sale for approximately US$ 22mn is expected to occur on June 11th, 2020.
Full details of the agreement will be provided in the Company's upcoming second quarter 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.
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.
Mountain Province Diamonds is a 49% participant with De Beers Canada Inc. 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 67,164 hectares of highly prospective mineral claims and leases immediately adjacent to the Gahcho Kué Joint Venture property that include an indicated mineral resource at the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.
