Mountain Province Diamonds Announces Agreement

Mountain Province Diamonds Inc. (TSX:MPV,NYSE:MDM) announced it has established  July 5, 2012 as the record date with respect to an agreement.

As quoted in the press release:

The Effective Date has been set as July 6, 2012. Subject to final approval of the TSX Venture Exchange (“TSX-V”), it is anticipated that the shares of Kennady Diamonds Inc. (“Kennady Diamonds”) will commence regular trading on the TSX-V on July 10, 2012.

Under the Arrangement Mountain Province will transfer the Kennady North property and working capital in the amount of approximately C$3M to Kennady Diamonds and distribute the shares of Kennady Diamonds to Mountain Province shareholders on the basis of one Kennady Diamonds share for every five shares of Mountain Province held by shareholders. The Arrangement is described in detail in the Company’s information circular dated March 29, 2012, (the “Circular”) and any capitalized terms otherwise not defined in this press release shall have the meaning as set out in the Circular.

Click here to read the Mountain Province Diamonds Inc. (TSX:MPV) press release.