Business
Mountain Province Diamonds Provides Update on Loan Facility and Extension of Lenders' Waiver
Mountain Province Diamonds Provides Update on Loan Facility and Extension of Lenders' Waiv...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n\n\n\nMountain Province Diamonds Provides Update on Loan Facility and 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO and NEW YORK, Aug. 29, 2017\n\n\n\nShares Issued and Outstanding: 160,236,833TSX and NASDAQ: MPVD\n\n\n\nTORONTO and NEW YORK, Aug. 29, 2017 /CNW/ - Mountain Province Diamonds Inc. (\"Mountain Province\", the \"Company\") (TSX and NASDAQ: MPVD) announces that it has made good progress with the participants in its loan facility on certain modifications to the facility, and has received an extension of the waiver for the funding of the remaining reserve accounts until November 30, 2017.  Highlights of the modifications that have been agreed to between the Company and its lenders include (all amounts in US dollars):\n\n\nThe Company will fund the Cash Call Reserve Account with a balance of at least $25 million by September 15, 2017.\nRecognizing the sufficiency of current cash flow generation, the Company and its lenders have agreed to limit the utilization of the facility to the current outstanding principal balance of $357 million rather than the maximum facility amount of $370 million, other than with the consent of the lenders.\nHaving made the June quarterly interest payment from cash flows rather than drawing from the facility, the Company will also do the same with the upcoming September 2017 interest payment.\nAs a condition of the waiver, an updated financial model and life of mine plan are to be delivered by November 30, 2017.\n\nMountain Province Interim President and CEO David Whittle commented: \"We are encouraged by the positive progress made to date with our lending group, who have been supportive of the Company and the Gahcho Kué Mine throughout this process.  Mine operations are performing well and are delivering solid positive cash flows, factors which are obviously helpful in the efforts to modify the loan facility.  Working with our joint venture partner, we are advancing well on the finalization and approval of the life of ...