Canadian Diamond Explorer Sees Irish Billionaire Backing
This article is for subscribers only.
Mountain Province Diamonds Inc., a partner with De Beers in the Gahcho Kue project in northern Canada, plans to raise C$125 million ($118 million) in a rights offering backed by Irish billionaire Dermot Desmond.
The Toronto-based company’s biggest shareholder will ensure the offering in the first quarter is fully subscribed by buying rights not taken up by other investors, Chief Executive Officer Patrick Evans said in a telephone interview. Mountain Province, which needs the money for its 49 percent share of the cost of building the proposed diamond mine, raised C$47 million in an offering a year ago.