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RAPAPORT... Mountain Province Diamonds Inc. entered into an agreement with a syndicate of underwriters, led jointly by BMO Capital Markets, RBC Capital Markets and Scotia Capital Inc., under which the underwriters agreed to buy, on a bought-deal basis by way of private placement, 15 million common shares at CAD 5 each for gross proceeds of $67 million (CAD 75 million). Concurrently, Mountain Province intends undertaking a non-brokered private placement of 5 million common shares at CAD 5 to be sold to Bottin (International) Investments Ltd. and other qualified investors. Net proceeds of $89.3 million (CAD 100 million) will fund continued development of the Gahcho Kué diamond project and for general corporate purposes. Mountain Province Diamonds is a 49 percent participant with De Beers Canada in the Gahcho Kué venture, which is located at Kennady Lake in Canada's Northwest Territories. The Gahcho Kué Project consists of a cluster of four diamondiferous kimberlites, three of which have a total diamond content of 55.5 million carats.
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