Mountain Province Diamonds Announces US$10 Million Additional Borrowings Under Bridge Facility
TORONTO and NEW YORK, July 28, 2025 /CNW/ - Mountain Province Diamonds Inc. (" Mountain Province" or the " Company") (TSX: MPVD) (OTC: MPVD) announces today that it has entered into an amendment (the " Amendment") to the amended and restated bridge credit facility agreement with Dunebridge Worldwide Ltd., (" Dunebridge") to increase such the size of the bridge term facility under that agreement by US$10 million (the " Additional Bridge Term Facility"), from US$30 million to US$40 million.
The bridge credit facility agreement, which was originally entered into on February 24, 2025 (and was subsequently amended and restated on May 13, 2024, to provide for a US$33 million working capital facility), provided for US$30 million in immediately available funds to the Company (the " Original Bridge Term Facility"), with the Additional Bridge Term Facility to be made available to the Company at the discretion of Dunebridge on terms and conditions to be agreed to, which are now represented in the Amendment.
The Additional Bridge Term Facility will mature on the same date as the Original Bridge Term Facility, on March 18, 2026, and is subject to the same rate of interest of 10.5% per annum, to be capitalized and compounded quarterly on the principal amount and payable on maturity. The interest rate will increase to 12.5% per annum, if the Additional Bridge Term Facility or the Original Bridge Term Facility are not repaid, together with all accrued interest, upon maturity.
As consideration for the Additional Bridge Term Facility, the Company will pay Dunebridge a US$1 million fee (the " Facility Fee") on maturity. Payment of the Facility Fee is subject to receipt of disinterested shareholder approval in accordance with the TSX Company Manual (the " Manual") at a duly called meeting of the Company's shareholders or such approval no longer being required if the Company obtains an alternative listing of its common shares on the TSX Venture Exchange (the " TSXV") and voluntarily delists its common shares from the Toronto Stock Exchange. The Company has not yet determined whether it will proceed with pursuing a listing on the TSXV. Failure to either obtain the requisite disinterested shareholder approval under the Manual or obtain an alternative listing of its common shares on the TSXV in advance of January 25, 2026, unless waived or extended by the lender will constitute an event of default under the amended and restated bridge facility agreement.
MI 61-101 Reliance on Exemption for Financial Difficulty in Respect of Additional Bridge Facility
Dunebridge is a "related party" of the Company, for the purposes of MI 61-101 and the entering into of the Amendment is a related party transaction for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101"). The Amendment is being completed pursuant to an exemption from the minority shareholder approval requirements applicable to a related party transaction under section 5.7(1)(e) of MI 61-101 on the grounds that the Company is in serious financial difficulty. The board of directors of the Company, acting in good faith, and all of the Company's independent directors, acting in good faith, have determined that entering into the Amendment, generally, and the Additional Bridge Term Facility, including the Facility Fee, is reasonable given the financial difficulties that the Company is facing (the " MI 61-101 Exemption").
TSX Conditional Approval
On the basis that the Amendment involves Dunebridge, an insider and related party of the Company, but does not involve the issuance or potential issuance of the listed securities of the Company, MPD applied for, and received, the TSX's conditional approval for the Amendment and under Section 501(c) of the TSX Company Manual.
The TSX provided conditional approval of the Amendment on the basis that the value of the consideration to insiders in respect of the Additional Bridge Facility (excluding the Facility Fee) will not exceed 10% of the Company's market capitalization as of July 28, 2025, being approximately CAD11.68 million.
Value of Consideration to Insiders
The value of the consideration to insiders for the Additional Bridge Facility (excluding the Facility Fee) is an estimated CAD959,000 as of July 28, 2025 or 8% of the market capitalization of the Company discussed above. Such consideration reflects the interest consideration payable on the Additional Bridge Facility on maturity.
The value of the consideration to insiders for the Additional Bridge Facility (including the Facility Fee) is an estimated CAD2,329,000 as of July 28, 2025 or 20% of the market capitalization of the Company discussed above. Such consideration reflects the interest consideration payable on the Additional Bridge Facility on maturity plus the amount of the Facility Fee.
About Mountain Province Diamonds Inc.
Mountain Province is a 49% participant with De Beers Canada Inc in the Gahcho Kué mine (the " GK Mine") located in Canada's Northwest Territories. The GK Mine consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 96,000 hectares of highly prospective mineral claims and leases surrounding the GK Mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.
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. Forward-looking statements and forward-looking information include but are not limited to: the maturity of the bridge credit facility, an alternative listing for the Company's common shares; the potential delisting of the Company's common shares; and the value of the consideration to insiders and related parties. 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 the ability to obtain approval of regulators, including stock exchanges, parties and shareholders, as may be required; satisfaction of the conditions acceptable to the parties; 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. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
SOURCE Mountain Province Diamonds Inc.
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The Company has reviewed its outstanding accounts receivable as at June 30, 2025 and believes the expected loss provision is sufficient. OUTLOOK Zedcor continues to execute its long-term strategy of growing its technology enabled security services across North America. The Company continues to effectively use a mix of cash flow, debt, and the proceeds from its equity financing to build additional MobileyeZ TM security towers to provide surveillance services to our expanding customer base. The Company was able to effectively deploy new MobileyeZ TM towers to new customers throughout the Company's operating regions and grow US revenues to over 31% of total revenues in 2025. The Company has grown its salesforce across North America in order to keep utilization rates at peak levels for its MobileyeZ TM and continue to expand its service offering to different industries. Priorities that the Company intends to focus on for the remainder for 2025 include: Expanding operations in the United States and continuing to grow revenues in Canada. Due to significant spending on infrastructure in North America, along with increased theft and vandalism, the Company is seeing strong demand for its products in both countries. Zedcor's innovative products, coupled with the Company's commitment to customer service, are perfectly situated to disrupt the traditional security market. With the strong demand that Zedcor is seeing for its security towers, the Company continues to further take control of its supply chain and remove bottlenecks for its security towers by growing the manufacturing team, focusing on economies of scale with bigger orders, and assembling more of the components of its towers in house. This will allow the Company to actively manage demand and, over time, reduce our capital costs. Building new, innovative products based on customer demand. As the Company has obtained customers in different industry verticals, it has seen an increasing number of use cases for its security solutions coupled with Zedcor's 24/7 Live, Verified TM video monitoring. This includes a need for additional AI-based technology that is actively monitored as well as a mobile security product with a smaller footprint. The Company has also increased manufacturing for the ZBox to meet customer demand. The Company intends to generate customer and shareholder value and positive Adjusted EBITDA. By effectively managing its growth, executing on the above-mentioned strategies and increasing its capital markets presence, Zedcor will be able to continue to generate positive earnings per share, grow its shareholder base and increase share price. NON-IFRS MEASURES RECONCILIATION Zedcor Inc. uses certain measures in this MD&A which do not have any standardized meaning as prescribed by International Financial Reporting Standards ("IFRS"). These measures which are derived from information reported in the consolidated statements of operations and comprehensive income may not be comparable to similar measures presented by other reporting issuers. These measures have been described and presented in this MD&A in order to provide shareholders and potential investors with additional information regarding the Company. Investors are cautioned that EBITDA, adjusted EBITDA, adjusted EBITDA per share, adjusted EBIT and adjusted free cash flow are not acceptable alternatives to net income or net income per share, a measurement of liquidity, or comparable measures as determined in accordance with IFRS. EBITDA and Adjusted EBITDA EBITDA refers to net income before finance costs, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before costs associated with severance, gains and losses on sale of equipment, (gain) loss on foreign exchange, (gain) loss on sale of equipment and right-of-use-assets, loss on repayment of note payable, other income, and stock based compensation. These measures do not have a standardized definition prescribed by IFRS and therefore may not be comparable to similar captioned terms presented by other issuers. Management believes that EBITDA and Adjusted EBITDA are useful measures of performance as they eliminate non-recurring items and the impact of finance and tax structure variables that exist between entities. "Adjusted EBITDA per share - basic" refers to Adjusted EBITDA divided by the weighted average basic number of shares outstanding during the relevant periods. A reconciliation of net income to Adjusted EBITDA is provided below: Three months ended June 30 Six months ended June 30 (in $000s) 2025 2024 2025 2024 Net income 460 1,409 1,082 939 Add: Finance costs 531 511 969 1,047 Depreciation of property & equipment 2,322 1,256 4,120 2,482 Depreciation of right-of-use assets 725 422 1,344 797 EBITDA 4,038 3,598 7,515 5,265 Add (deduct): Stock based compensation 879 282 1,459 497 Loss on sale of property & equipment 4 - 4 - Loss on repayment of note payable - 173 - 173 (Gain) loss on foreign exchange 12 13 39 15 Loss on disposal of right-of-us-asset - 2 25 16 Other income - (1,373) - (1,373) 895 (903) 1,527 (672) Adjusted EBITDA 4,933 2,695 9,042 4,593 Adjusted EBIT Adjusted EBIT refers to earnings before interest and finance charges, taxes, and one time income and expenses. A reconciliation of net income to Adjusted EBIT is provided below: Three months ended June 30 Six months ended June 30 (in $000s) 2025 2024 2025 2024 Net income 460 1,409 1,082 939 Add (deduct): Finance costs 531 511 969 1,047 Loss on repayment of note payable - 173 - 173 Other income - (1,373) - (1,373) Adjusted EBIT 991 720 2,051 786 Adjusted free cash flow Adjusted free cash flow is defined by management as net income plus non-cash expenses, plus or minus the net change in non-cash working capital and one time income and expenses, less maintenance capital. Maintenance capital is also a non-IFRS term. Management defines maintenance capital as the amount of capital expenditure required to keep its operating assets functioning at the same level of efficiency. Management believes that adjusted free cash flow reflects the cash generated from the ongoing operation of the business. Adjusted free cash flow is a non-IFRS measure generally used as an indicator of funds available for re-investment and debt payment. There is no standardized method of determining free cash flow, adjusted free cash flow or maintenance capital prescribed under IFRS and therefore the Company's method of calculating these amounts is unlikely to be comparable to similar terms presented by other issuers. Adjusted free cash flow from continuing operations is calculated as follows: Three months ended June 30 Six months ended June 30 (in $000s) 2025 2024 2025 2024 Net income 460 1,409 1,082 939 Add non-cash expenses: Depreciation of property & equipment 2,322 1,256 4,120 2,482 Depreciation of right-of-use assets 725 422 1,344 797 Loss on repayment of note payable - 173 - 173 Stock based compensation 879 282 1,459 497 Loss (gain) on sale of property & equipment 4 - 4 - Loss (gain) on disposal of right-of-use-asset - 2 25 16 Finance costs (non-cash portion) 26 7 13 52 4,416 3,551 8,047 4,956 (Deduct) non-recurring income: Other income - (1,373) - (1,373) 4,416 2,178 8,047 3,583 Change in non-cash working capital (3,484) (1,160) (5,544) (2,092) Adjusted Free Cash Flow 932 1,018 2,503 1,491 CONFERENCE CALL A conference call will be held in conjunction with this release: Date: Wednesday, August 13, 2025 Time: 10:00 am ET (8:00 am MT) Webinar Link: Dial: 647-374-4685 Toronto local 780-666-0144 Calgary local 778-907-2071 Vancouver local 346-248-7799 Houston local Meeting ID #: 996 1808 1293 Please connect 10 minutes prior to the conference call to ensure time for any software download that may be required. Participants wishing to login to the webinar will be required to register before the start of the call. Audio only dial in available without registering. About Zedcor Inc. Zedcor Inc. is disrupting the traditional physical security industry through its proprietary MobileyeZ TM security towers by providing turnkey and customized mobile surveillance and live monitoring solutions to blue-chip customers across North America. The Company continues to expand its established platform of MobileyeZ™ towers in Canada and the United States, with emphasis on industry leading service levels, data-supported efficiency outcomes, and continued innovation. Zedcor services the Canadian market through equipment and service centers currently located in British Columbia, Alberta, Manitoba, and Ontario. The Company continues to advance its U.S. expansion which now has the capacity to service markets throughout the Midwest and West Coast with locations throughout Texas and in Denver, Colorado, Phoenix, Arizona and Las Vegas, Nevada. FORWARD-LOOKING STATEMENTS Certain statements included or incorporated by reference in this news release constitute forward-looking statements or forward-looking information, including expectations for customer and revenue growth in 2025, the ability of the Company to build out its footprint in the U.S. and add additional customers as a result thereof, the Company's intention to take control of its supply chain, thereby allowing it to manage demand and reduce capital costs, and the Company's intention to increase its capital markets presence and grow investor interest in the Company. Forward-looking statements or information may contain statements with the words "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "budget", "should", "project", "would", "may" or similar words suggesting future outcomes or expectations, including negative or grammatical variations thereof . Although the Company believes that the expectations implied in such forward-looking statements or information are reasonable, undue reliance should not be placed on these forward-looking statements because the Company can give no assurance that such statements will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of assumptions about the future and uncertainties. These assumptions include anticipated manufacturing capacity and expected fleet numbers, expected utilization rates, customer growth, the impact of tariffs on the Company's business and customer buying trends, and changes in the regulatory environment and political landscape in each of Canada and the United States. Although management believes these assumptions are reasonable, there can be no assurance that they will prove to be correct, and actual results will differ materially from those anticipated. For this purpose, any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. The forward-looking statements or information contained in this news release are made as of the date hereof and the Company assumes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new contrary information, future events or any other reason, unless it is required by any applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement. This news release also makes reference to certain non-IFRS measures, which management believes assists in assessing the Company's financial performance. Readers are directed to the section above entitled "Financial Measures Reconciliations" for an explanation of the non-IFRS measures used. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit
Cision Canada
8 hours ago
- Cision Canada
STAR DIAMOND CORPORATION ANNOUNCES SECOND QUARTER 2025 RESULTS
TSX: DIAM SASKATOON, SK, Aug. 12, 2025 /CNW/ - Star Diamond Corporation ("Star Diamond" or the "Company") reports that unaudited financial results for the quarter ended June 30, 2025, will be filed today on SEDAR+ and may be viewed at once posted. All amounts are in thousands of Canadian dollars, except common share or per share amounts or as otherwise noted. Overview Star Diamond is a Canadian natural resource company focused on exploring and evaluating Saskatchewan's diamond resources. Star Diamond holds a 100% interest in the Fort à la Corne Project, (FALC Project, which includes the Star – Orion South Diamond Project, or the "Project"). These properties are in central Saskatchewan, near established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future possible mine development. The Company also holds a 100% interest in the exploration and evaluation properties and assets of the Buffalo Hills Diamond Project (the "BH Project") located approximately 400 kilometres northwest of Edmonton, Alberta, Canada (see " Corporate Developments"). Fort à la Corne mineral properties The Company currently holds a 100% interest in certain Fort à la Corne ("FALC") kimberlites (see March 26, 2024, news release: Star Diamond Corporation completes acquisition of Rio Tinto's 75% interest in Fort à la Corne Joint Venture) including the Star and Orion South Kimberlites. The FALC mineral properties are located in the Fort à la Corne Provincial Forest, 60 km east of Prince Albert, Saskatchewan. Highway 55, located to the north of the Project, connects Prince Albert with several towns located directly north of FALC to the town of Nipawin, east of FALC. Highway 6 runs north south and is located to the east of FALC. Recent activities relating to the Star - Orion South Diamond Project and Fort à la Corne mineral properties The Revised Mineral Resources estimate (see July 24, 2024 news release: Star – Orion South Diamond Project Revised Mineral Resources Estimate) will now be incorporated into a re-optimized open pit mine plan for the Project, which will include a re-evaluation of Mineral Reserves and an economic assessment based thereon. It is anticipated that this work will be completed during 2025-26 and will result in an updated Pre-feasibility Study including a revised statement of Mineral Reserves for the Project, if warranted, and an economic assessment based thereon. Buffalo Hills mineral properties The Company holds a 100% interest in the exploration and evaluation properties and assets of the Buffalo Hills (BH) Project. Located approximately 400 kilometres northwest of Edmonton, Alberta, Canada, the BH Project includes 21 mineral leases covering 4,800 hectares and is a significant and accessible field of diamond-bearing kimberlites, with similarities to the Company's Fort á la Corne kimberlites. The BH Project is located in the Buffalo Hills Kimberlite District, which contains at least 38 individual kimberlite bodies, of which 26 kimberlites are diamond-bearing and a number of which outcrop at surface. Exploration on these kimberlites started in 1996, and small parcels of diamonds have been collected from various exploration programs on many of those considered most prospective. Corporate Developments On May 16, 2025, the Company announced that it reached an agreement with Spirit Resources s.a.r.l. ("Spirit") to provide funding to the Company by way of a private placement of units for gross proceeds of $4,000 and an interim $800 unsecured loan. The loan bears interest at 6% per annum and matures upon the earlier of the private placement and the date falling on the 180th day after issuance of the loan, unless extended by Spirit in its sole discretion. Quarter End Results For the three months ended June 30, 2025, the Company recorded a net loss of $1,450 or $0.00 per share (2024 – net loss of $1,630 or $0.00 per share). The decrease in net loss was primarily due to the following: Exploration and evaluation expenditures decreased to $463 in 2025 (2024 - $913). Exploration and evaluation expenditures incurred during 2025 were primarily due to security and maintenance, continued diamond analyses, and test work for the FALC Project. Corporate development decreased to $19 in 2025 (2024 - $136) due to reduced marketing and publications issued in 2025. Change in derivative liability increased to a loss of $218 in 2025 (2024 - $nil) due to the changes in the fair values of the embedded derivatives of the convertible debentures. Year to Date Results For the six months ended June 30, 2025, the Company recorded a net loss of $2,416 or $0.00 per share (2024 – net loss of $2,516 or $0.00 per share). The decrease in net loss was primarily due to the following: Exploration and evaluation expenditures decreased to $930 in 2025 (2024 - $1,202). Exploration and evaluation expenditures incurred during 2025 were primarily due to security and maintenance, continued diamond analyses, and test work for the FALC Project. Corporate development decreased to $32 in 2025 (2024 - $274) due to reduced marketing and publications issued in 2025. Loss on investment in Wescan Goldfields Inc. decreased to $nil in 2025 (2024 – loss of $58). Unwinding of discount of environmental rehabilitation provision increased to $132 in 2025 (2024 - $65). Change in derivative liability increased to a loss of $218 in 2025 (2024 - $nil) due to the changes in the fair values of the embedded derivatives of the convertible debentures. On June 30, 2025, the Company had $452 (December 31, 2024 - $164) in cash and cash equivalents and a working capital deficit (excess of current liabilities over current assets) of $1,692 (2024 – working capital deficit of $1,017). The increase in working capital deficit was a result of the unsecured loan payable to Spirit and net cash used in operating activities, offset by proceeds received from convertible debentures and sale of shares in Wescan Goldfields Inc. In 2025, the Company initiated the following cost reductions: We have moved our head office to a smaller area in the same building resulting in a 70% drop in our office lease payments; Certain management/employee functions have been reduced or eliminated; and Site costs have been significantly reduced as operations moved to a care and maintenance basis. A budget has been prepared for the completion of the PFS of $3,000 which is subject to the completion of a financing. However, the ability of the Company to continue as a going concern and fund its expenses in an orderly manner will require additional forms of financing. There can be no assurance that the Company will succeed in obtaining additional financing, now or in the future. Failure to raise additional financing on a timely basis could cause the Company to suspend its operations and planned activities. June 30, 2025 and 2024 is summarized as follows: (1) Basic and diluted. Summary of Quarterly Result (1) Basic and diluted. Outlook Fort à la Corne mineral properties Star Diamond's technical team will focus on the technical investigation and evaluation of the Star – Orion South Diamond Project, with the goal of a future development decision. The initial work was completed in 2024 with a revised Mineral Resource estimate for the Star – Orion South Diamond Project, which will form the foundation of an updated Prefeasibility Study ("PFS"). The PFS will enable a Feasibility Study, on which a production decision can be based. Buffalo Hills mineral properties Management continues to review the recent results from the diamond valuation and typing analysis with a view to possible work programs and a potential path forward for the asset. A more detailed update on activities at Buffalo Hills will be provided as it becomes available. About Star Diamond Corporation Star Diamond is a Canadian natural resource company focused on exploring and evaluating Saskatchewan's diamond resources. Star Diamond holds a 100% interest in the Fort à la Corne Project, (FALC Project, which includes the Star – Orion South Diamond Project, or the "Project"). These properties are in central Saskatchewan, near established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future possible mine development. The Company also holds a 100% interest in the exploration and evaluation properties of the Buffalo Hills Diamond Project (the "BH Project") located approximately 400 kilometres northwest of Edmonton, Alberta, Canada (see " Corporate Developments"). Technical Information All technical information in this press release has been prepared under the supervision of Mark Shimell, VP Exploration, Professional Geoscientist in the Province of Saskatchewan, who is the Company's "Qualified Person" under NI 43-101. Caution Regarding Forward-looking Statements This press release contains "forward-looking statements" and/or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. All statements, other than statements of historical fact, are forward-looking statements. These forward-looking statements are based on Star Diamond's current beliefs as well as assumptions made by and information currently available to Star Diamond and involve inherent risks and uncertainties, both general and specific. Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, statements regarding Rio Tinto Canada, the Company's ability to obtain financing to further the exploration, evaluation and/or development of exploration and evaluation properties in which the Company holds interest, the economic feasibility of any future development projects, developments in world diamond markets, changes in diamond prices, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, the impact of changes in the laws and regulations regulating mining exploration, development, closure, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in Star Diamond's most recently filed Annual Information Form, and annual and interim MDA. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements in this news release are made as of the date hereof and Star Diamond assumes no obligation to update any forward-looking statements, except as required by applicable laws.
