Mountain Province Diamonds Appoints Banks to Arrange and Underwrite US$370M
Term Loan Facility
Shares Issued and Outstanding: 115,204,550
NYSE MKT: MDM
TORONTO and NEW YORK, July 28, 2014 /CNW/ - Mountain Province Diamonds Inc.
("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is pleased to
announce the appointment of three leading international banks to arrange and
underwrite a senior secured term loan facility of up to US$370M (the
"Facility") to fund the Company's share of the construction cost of the Gahcho
Kué diamond mine located in Canada's Northwest Territories. Gahcho Kué is a
joint venture between De Beers Canada Inc. (51%) and Mountain Province (49%).
Mountain Province has mandated Deutsche Bank A.G., acting through its London
Branch, Natixis S.A. and Nedbank Limited as the lead arrangers ("Lead
Arrangers") to underwrite, arrange and manage the primary syndication of the
Facility, subject to the satisfaction of certain conditions including, but not
limited to, the successful completion of due diligence and internal bank
approvals of the Lead Arrangers and agreement of Facility documentation, which
is expected prior to the end of 2014.
As at the end of June 2014, the overall project was progressing according to
plan and remains on schedule for first production during H2 2016. Mountain
Province is currently funding its share of the capital with equity and has
arranged sufficient equity to fund planned capital commitments through to the
end of 2014.
Mountain Province is being advised by Rockface Capital of the United Kingdom.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the
Gahcho Kué JV located at Kennady Lake in Canada's Northwest Territories. The
Gahcho Kué Project consists of a cluster of four diamondiferous kimberlites,
three of which have a probable mineral reserve of 35.4 million tonnes grading
1.57 carats per tonne for total diamond content of 55.5 million carats.
Gahcho Kué is the world's largest and richest new diamond development
project. A 2014 NI 43-101 feasibility study report filed by Mountain Province
(available on SEDAR) indicates that the Gahcho Kué project has an IRR of
This news release has been prepared under the supervision of Carl G. Verley,
P.Geo., who serves as the qualified person under National Instrument 43-101.
This news release may contain forward-looking statements, within the meaning
of the "safe-harbor" provision of the Private Securities Litigation Reform Act
of 1995, regarding the Company's business or financial condition. Actual
results could differ materially from those described in this news release as a
result of numerous factors, some of which are outside the control of the
SOURCE Mountain Province Diamonds Inc.
Mountain Province Diamonds Inc. Patrick Evans, President and CEO 161 Bay
Street, Suite 2315 Toronto, Ontario M5J 2S1
Phone: (416) 361-3562
To view this news release in HTML formatting, please use the following URL:
CO: Mountain Province Diamonds Inc.
ST: New York
NI: MNG LOAN MNA
-0- Jul/28/2014 15:57 GMT
Press spacebar to pause and continue. Press esc to stop.