Mountain Province Diamonds Completes C$95 Million Rights Offering

Mountain Province Diamonds (TSX:MPV) has closed a previously announced C$95 million rights offering. Proceeds of the placement will be used to fund a US$75 million cost overrun facility.

As quoted in the press release:

The subscribers for common shares under the additional subscription privilege have received their pro rata entitlement to the 1,682,536 common shares remaining under the Offering after the allocation of 22,079,247 common shares under the basic subscription privilege. A total of 23,761,783 common shares have been issued under the Offering. As the Offering was fully-subscribed, the Company’s major shareholder, Mr. Dermot Desmond, who entered into a standby agreement with the Company in connection with the Offering, will not subscribe for any additional shares under the Offering pursuant to the standby commitment.

Mountain Province president and CEO, Patrick Evans, said:

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.

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