Deal funds development of the Gahcho Kue project, corporate purposes
By Devika Patel
Knoxville, Tenn., March 11 - Mountain Province Diamonds Inc. said it will raise C$15.3 million in a brokered private placement of stock. It also will conduct a non-brokered private placement of stock.
The company will sell 3 million common shares at C$5.10 per share in the brokered offering. It will sell shares at a price of at least C$5.10 per share to Bottin (International) Investments Ltd. and other investors in the non-brokered deal.
The price per share in the brokered sale is a 7.27% discount to the March 10 closing share price of C$5.50.
The brokered sale will be conducted on a bought-deal basis by a syndicate of underwriters led by BMO Capital Markets.
Settlement of both offerings is expected March 28.
Proceeds will be used for development of the Gahcho Kue project and for general corporate purposes.
The resource property exploration and development company is based in Toronto.
Issuer: | Mountain Province Diamonds Inc.
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Issue: | Common shares
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Amount: | C$15.3 million
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Shares: | 3 million
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Price: | C$5.10
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Warrants: | No
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Agents: | BMO Capital Markets (lead)
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Pricing date: | March 11
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Settlement date: | March 28
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Stock symbol: | Toronto: MPV
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Stock price: | C$5.50 at close March 10
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Market capitalization: | C$543.71 million
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