Mountain Province Completes $95M Rights Offering

RAPAPORT reported Mountain Province Diamonds Inc. completed a $95 million rights offering on March 30.

As quoted in the market news,

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.

Patrick Evans, Mountain Province’s president and CEO, stated:

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.

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