|
RAPAPORT... Mountain Province Diamonds Inc. closed a non-brokered private placement of 5,889,200 common shares for proceeds of $27.8 million (CAD 29.4 million). The shares are subject to a four-month hold period, expiring on March 26, 2014. Proceeds will be used to support the company's share of initial capital expenditures at the Gahcho Kué project, the 2014 Tuzo deep drill program and for general corporate purposes. A finder's fee in the amount of $567,330 has been paid in relation to the private placement. Mountain Province Diamonds holds a 49 percent share in the Gahcho Kué joint venture with De Beers, which holds a majority stake. The project is near Kennady Lake in Canada's Northwest Territories and consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 31.3 million tonnes of ore graded at 1.57 carats per tonne for total diamond content of 49 million carats.
|