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RAPAPORT... Mountain Province Diamonds Inc. announced a non-brokered private placement to raise approximately $25 million through the placement of common shares at a price of $5 per share. The company's major shareholder, Bottin (International) Investments Ltd. (controlled by Dermot Desmond), expects to be subscribing, according to the explorer. The private placement is expected to close on or before November 22.
The proceeds will be used to support Mountain Province's capital expenditures at the Gahcho Kué diamond project, the 2014 Tuzo Deep drill program and for general corporate purposes.
Mountain Province Diamonds holds a 49 percent stake in the Gahcho Kué joint venture, De Beers Canada controls the majority and the property is located on Kennady Lake in Canada's Northwest Territories. The Gahcho Kué Project consists of a cluster of four diamondiferous kimberlites, three of which have diamond content of 49 million carats.
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