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Mountain Province Diamonds Announces that Board of Directors Approves Junior Credit Facility Transaction, and Mailing of Materials for Upcoming Special Meeting of Shareholders
Mountain Province Diamonds Announces that Board of Directors Approves Junior Credit Facil...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n \n \n \n Mountain Province Diamonds Announces that Board of Directors Approves Junior Credit Facility Transaction, and Mailing of Materials for Upcoming Special Meeting of Shareholders\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 TORONTO\n \n and\n \n NEW YORK\n \n ,\n \n Feb. 1, 2022\n \n /CNW/ - Mountain Province Diamonds Inc. (\"Mountain Province\" or the \"Company\") (TSX: MPVD) (OTCQX: MPVD) today announces that it has mailed to its shareholders a notice of special meeting and management information circular (collectively, the \"Information Circular\") and related materials for a special meeting of shareholders (the \"Special Meeting\") to be held on\n \n February 28, 2022\n \n at\n \n 11:00 a.m. Eastern Time\n \n . The record date for determining the shareholders entitled to receive notice of and vote at the Special Meeting was set as the close of business on\n \n January 21, 2022\n \n .\n \n \n At the Special Meeting, the Company will seek disinterested shareholder approval for (i) the entry into a new\n \n US$50 million\n \n junior secured term loan credit facility (the \"Proposed Loan Agreement\") with an entity (the \"Lender\") ultimately beneficially owned by\n \n Dermot Desmond\n \n , and (ii) the issuance to the Lender or another entity ultimately beneficially owned by\n \n Dermot Desmond\n \n of warrants (the \"Warrants\" and together with the Proposed Loan Agreement, the \"Proposed Transactions\") 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 will be exercisable in whole or in part at any time up to the Maturity Date (as defined below) by paying\n \n US$0.60975\n \n per common share.\n \n \n The Proposed Loan Agreement will mature on\n \n December 15, 2027\n \n (the \"Maturity Date\") and be 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 Proposed Loan Agreem...