TSX and NASDAQ: MPVD
TORONTO, Ontario and
NEW YORK, New York, Aug. 13, 2019 /CNW/ - Mountain Province
Diamonds Inc. ("Mountain
Province", the "Company") (TSX and NASDAQ: MPVD) announced
today that it has received notification from Nasdaq Stock Market
LLC ("Nasdaq") that it is not in compliance with the minimum bid
price requirement set forth in Nasdaq Rules for continued listing
on the Nasdaq Stock Exchange. Nasdaq Listing Rule 5450(a)(1)
requires listed securities to maintain a minimum bid price of
US$1.00 per share, and Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the closing bid price of
the Company's common shares for the last 30 consecutive business
days or from June 28, 2019 to
August 12, 2019, the Company no
longer meets the minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the exchange at this time. In accordance with Nasdaq Listing
Rule 5810(c)(3)(A), the Company has been provided 180 calendar
days, or to February 10, 2020, to regain compliance with Nasdaq
Listing Rule 5450(a)(1). In order to regain compliance, the
Company's common shares must have a closing bid price of at least
US$1.00 for a minimum of 10 consecutive trading days. In the
event that the Company does not regain compliance during the first
notice period of 180 calendar days, or February 10, 2020, the
Company may be eligible for additional time to regain compliance or
may face delisting from the exchange.
The Company's business operations are not affected by the
Notification Letter from Nasdaq.
The Company is also listed on the Toronto Stock Exchange (TSX:
MPVD) and the Notification Letter does not affect this listing.
Mountain Province Diamonds is a 49% participant with
De Beers Canada in the Gahcho Kué diamond mine located in
Canada's Northwest
Territories. Gahcho Kué is the world's largest new diamond
mine, consisting of a cluster of various diamondiferous
kimberlites, four of which are being developed and mined under the
current mine plan. The Company also controls 67,164 hectares of
highly prospective mineral claims and leases immediately adjacent
to the Gahcho Kué Mine that include an indicated mineral resource
at the Kelvin kimberlite and inferred mineral resources for the
Faraday kimberlites.
Forward-Looking Statements
This news release contains certain "forward-looking
statements" and "forward-looking information" under applicable
Canadian and United States
securities laws concerning the business operations and financial
performance and condition of Mountain Province Diamonds Inc.
Forward-looking statements and forward-looking information include,
but are not limited to, statements with respect to estimated
production and mine life of the project of Mountain Province; the realization of mineral
reserve estimates; the timing and amount of estimated future
production; costs of production; the future price of diamonds; the
estimation of mineral reserves and resources; the ability to manage
debt; capital expenditures; the ability to obtain permits for
operations; liquidity; tax rates; and currency exchange rate
fluctuations. Except for statements of historical fact relating to
Mountain Province, certain
information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized
by words such as "anticipates," "may," "can," "plans," "believes,"
"estimates," "expects," "projects," "targets," "intends," "likely,"
"will," "should," "to be," "potential" and other similar words, or
statements that certain events or conditions "may", "should" or
"will" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made,
and are based on a number of assumptions and subject to a variety
of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected
in the forward-looking statements. Many of these assumptions
are based on factors and events that are not within the control of
Mountain Province and there is no
assurance they will prove to be correct.
Factors that could cause actual results to vary materially
from results anticipated by such forward-looking statements include
variations in ore grade or recovery rates, changes in market
conditions, changes in project parameters, mine sequencing;
production rates; cash flow; risks relating to the availability and
timeliness of permitting and governmental approvals; supply of, and
demand for, diamonds; fluctuating commodity prices and currency
exchange rates, the possibility of project cost overruns or
unanticipated costs and expenses, labour disputes and other risks
of the mining industry, failure of plant, equipment or processes to
operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual
Information Form and in the most recent MD&A filed on SEDAR,
which also provide additional general assumptions in connection
with these statements. Mountain
Province cautions that the foregoing list of important
factors is not exhaustive. Investors and others who base themselves
on forward-looking statements should carefully consider the above
factors as well as the uncertainties they represent and the risk
they entail. Mountain Province
believes that the expectations reflected in those forward-looking
statements are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking
statements included in this news release should not be unduly
relied upon. These statements speak only as of the date of this
news release.
Although Mountain Province
has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Mountain
Province undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on forward-looking
statements. Statements concerning mineral reserve and resource
estimates may also be deemed to constitute forward-looking
statements to the extent they involve estimates of the
mineralization that will be encountered as the property is
developed.
Further, Mountain Province
may make changes to its business plans that could affect its
results. The principal assets of Mountain
Province are administered pursuant to a joint venture under
which Mountain Province is not the
operator. Mountain Province is
exposed to actions taken or omissions made by the operator within
its prerogative and/or determinations made by the joint venture
under its terms. Such actions or omissions may impact the future
performance of Mountain Province.
Under its current note and revolving credit facilities Mountain Province is subject to certain
limitations on its ability to pay dividends on common stock. The
declaration of dividends is at the discretion of Mountain Province's Board of Directors,
subject to the limitations under the Company's debt facilities, and
will depend on Mountain Province's
financial results, cash requirements, future prospects, and other
factors deemed relevant by the Board.
FOR FURTHER INFORMATION PLEASE CONTACT:
Stuart Brown, President and
CEO
161 Bay Street, Suite 1410
Toronto, Ontario M5J 2S1
Phone: (416) 361-3562
E-mail: info@mountainprovince.com
Keyvan Salehi, Investor
Relations
161 Bay Street, Suite 1410
Toronto, Ontario M5J 2S1
Phone: (416) 361-3562
E-mail: info@mountainprovince.com