TORONTO and NEW YORK, November 24,
2017 /PRNewswire/ --
Shares Issued and Outstanding: 160,245,166
TSX and NASDAQ: MPVD
Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX and
NASDAQ: MPVD) today announces that it has received an extension of
the waiver for the funding of the remaining reserve accounts under
its project lending facility, until January
31, 2018 with unanimous consent of the lenders. Highlights
of the waiver that has been agreed to between the Company and its
lenders include (all amounts in US dollars):
- Sunk Cost and Debt Service Reserve Account funding is deferred
until January 31, 2018
- Current Cash Cost Reserve Account funding of $25 million is deemed satisfactory until
March 31, 2018
- Initial principal payment of $24.8
million, along with quarterly accrued interest, remains
scheduled for December 31, 2017, in
accordance with the original amortization schedule
Mountain Province Interim President and CEO David Whittle commented: "The receipt of this
waiver is an important step as we continue to advance our near-term
resolution to the project lending facility. The support of our
lending group throughout this process has been very much
appreciated."
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 four diamondiferous kimberlites,
three of which are being developed and mined under the initial 12
year mine plan.
Caution Regarding Forward Looking Information
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 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 project finance facility Mountain
Province is not permitted to pay dividends on common stock
unless and until obligations under the facility have been
satisfied. The declaration of dividends is at the discretion of
Mountain Province's Board of
Directors, subject to restrictions under the Company's project
finance facility, and will depend on Mountain Province's financial results, cash
requirements, future prospects, and other factors deemed relevant
by the Board.
Mountain Province Diamonds Inc., David
Whittle, Interim President and CEO, 161 Bay Street, Suite
1410, Toronto, Ontario, M5J 2S1,
Phone: +1-416-361-3562, E-mail: info@mountainprovince.com