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Mountain Province Completes $95M Rights Offering

Mar 31, 2015 3:22 PM   By Jeff Miller
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RAPAPORT... Mountain Province Diamonds Inc. completed a $95 million rights offering, which expired at 5 p.m. on March 30. A total of 125,631,285 rights were exercised under the basic subscription privilege for 22,079,247 common shares. In addition,  4,014,419 common shares were subscribed under the additional subscription privilege. The combined basic and additional subscriptions represent an oversubscription against the 23,761,783 common shares available under the offering.

Given that the offering was fully subscribed, Mountain Province's major shareholder, Dermot Desmond, did not subscribe to additional shares under the offering pursuant to a standby commitment.

Patrick Evans, Mountain Province's president and CEO, said, "We are very pleased with the exceptionally strong support our rights offering received from shareholders. We also thank our major shareholder, Mr. Desmond, for the support provided through the standby guarantee."

The proceeds of the offering will be used to finance a $75 million cost overrun facility, the arrangement of which is a condition precedent to drawdown of Mountain Province's $370 million loan facility.

Tags: Canada, De Beers, diamonds, funding, Jeff Miller, mining, mountain province
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