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Mountain Province Diamonds Announces Closing of Previously Announced Junior Credit Facility
Mountain Province Diamonds Announces Closing of Previously Announced Junior Credit Facili...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n \n \n \n Mountain Province Diamonds Announces Closing of Previously Announced Junior Credit Facility\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX and OTCQX: MPVD\n \n \n \n \n \n TORONTO\n \n and\n \n NEW YORK\n \n \n ,\n \n \n March 28, 2022\n \n \n /CNW/ - Mountain Province Diamonds Inc. (\"Mountain Province\" or the \"Company\") (TSX: MPVD) (OTCQX: MPVD) provides the details of its Q4 and Full Year 2021 earnings release and conference call, and announces that it has closed its previously announced transactions (the \"Transactions\"), consisting of: (i) the entry into a new\n \n US$50 million\n \n junior secured term loan credit facility (the \"Loan Agreement\") with an entity (the \"Lender\") ultimately beneficially owned by\n \n Dermot Desmond\n \n , and (ii) the issuance to the Lender of warrants (the \"Warrants\") to purchase up to 41,000,000 common shares of the Company for an aggregate exercise price of approximately\n \n US$25,000,000\n \n . The Warrants are exercisable in whole or in part at any time up to the Maturity Date (as defined below) at an exercise price of\n \n US$0.60975\n \n per common share. The Warrants, and any common shares issuable upon exercise thereof, are subject to a statutory four-month hold period under Canadian securities laws that will expire on\n \n July 29, 2022\n \n .\n \n \n \n Closing of Junior Credit Facility\n \n \n \n The Loan Agreement matures on\n \n December 15, 2027\n \n (the \"Maturity Date\") and is secured by substantially all of the properties and assets of the Company and its subsidiaries on a junior basis to the Company's existing second lien notes. The Loan Agreement bears interest at a rate of 8% per annum until\n \n December 15, 2022\n \n , after which the interest rate will be 2% per annum greater than the interest rate on the debt that replaces or refinances the Company's existing second lien notes, payable on a semi-annual basis. The Company is entitled to prepay the Loan Agreement at any time prior to the Maturity Date without penalty.\n \n \n The Compa...