Mountain Province lenders agree to extend waiver through January

By Sarah Lizee

Olympia, Wash., Nov. 27 – Mountain Province Diamonds Inc. said it received unanimous consent for an extension until Jan. 31, 2018 of the waiver for funding the remaining reserve accounts under its project lending facility, according to a company news release.

Some of the modifications that have been agreed to by the company and the lenders include the following:

• Sunk cost and debt service reserve account funding is deferred until Jan. 31, 2018;

• Current cash cost reserve account funding of $25 million is deemed satisfactory until March 31, 2018; and

• Initial principal payment of $24.8 million, along with quarterly accrued interest, remains scheduled for Dec. 31, in accordance with the original amortization schedule.

“The receipt of this waiver is an important step as we continue to advance our near-term resolution to the project lending facility. The support of our lending group throughout this process has been very much appreciated,” Mountain Province interim president and chief executive officer David Whittle said in the release.

The diamond exploration and development company is based in Toronto.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.