Mountain Province Diamonds Closes C$100 Million in Private Placements

Mountain Province Diamonds Inc. (TSX:MPV,NYSEMKT:MDM) announced the closing of a previously announced bought-deal private placement for gross proceeds of C$75 million. Mountain Province has also closed a non-brokered private placement for gross proceeds of C$25 million.

As quoted in the press release:

A syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Scotia Capital Inc. and including Haywood Securities Inc. (the ‘Underwriters’), sold 15,000,000 common shares of the Company at a price of C$5.00 per share, by way of a bought-deal private placement. The Underwriters received a cash commission of 5% of the gross proceeds.

The net proceeds of the private placements will be used for the continued development of the Company’s Gahcho Kué project and for general corporate purposes.

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