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Mountain Province Diamonds Announces Extension of Lenders' Waiver
Mountain Province Diamonds Announces Extension of Lenders' Waiver Canada NewsWire ...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n\n\n\nMountain Province Diamonds Announces Extension of Lenders' Waiver\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\nCanada NewsWire\nTORONTO and NEW YORK, Nov. 24, 2017\n\n\n\nShares Issued and Outstanding: 160,245,166TSX and NASDAQ: MPVD\n\n\n\nTORONTO and NEW YORK, Nov. 24, 2017 /CNW/ - 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):\n\n\nSunk Cost and Debt Service Reserve Account funding is deferred until January 31, 2018\nCurrent Cash Cost Reserve Account funding of $25 million is deemed satisfactory until March 31, 2018\nInitial principal payment of $24.8 million, along with quarterly accrued interest, remains scheduled for December 31, 2017, in accordance with the original amortization schedule\n\nMountain 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.\"\n\nMountain 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.\n\nCaution Regarding Forward Looking InformationThis 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-...