Profits to fund Gahcho Kue Diamond project, general corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 2 - Mountain Province Diamonds Inc. said it arranged a private placement of stock through agent Wellington West Capital Markets Inc.
The company will sell 2 million common shares at C$5.00 per share for C$10 million in an overnight-marketed, best efforts offering through the agent. It also will sell 2.6 million shares at the same price for C$13 million in a non-brokered offering.
The price per share is a 0.99% discount to the Nov. 1 closing share price of C$5.05.
Settlement is expected Nov. 18.
Proceeds will be used to advance the Gahcho Kue Diamond project in the Northwest Territories and general corporate purposes.
The resource property exploration and development company is based in Toronto.
| Issuer: | Mountain Province Diamonds Inc.
|
| Issue: | Common shares
|
| Amount: | C$23 million
|
| Shares: | 4.6 million
|
| Price: | C$5.00
|
| Warrants: | No
|
| Agent: | Wellington West Capital Markets Inc. (for C$10 million), non-brokered (for C$13 million)
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 18
|
| Stock symbol: | Toronto: MPV
|
| Stock price: | C$4.98 at close Nov. 2
|
| Market capitalization: | C$361.47 million
|
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