Latest news with #MountainProvince
Cision Canada
a day ago
- Business
- Cision Canada
News Release Correction To Second Quarter 2024 Sales Price per Carat
TSX and OTC: MPVD TORONTO, July 14, 2025 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces a correction to its news release dated July 10, 2025 entitled "Mountain Province Announces Second Quarter 2025 Production and Sales Results, Details of Second Quarter 2025 Earnings Release, and Conference Call". The news release incorrectly referred to the average selling price for the second quarter ended June 30, 2023 and as a result incorrectly stated that the average selling price per carat, for the second quarter ended June 30, 2024 ("Q2 2024") was CA$166 per carat (US$124 per carat). The correct average selling price for Q2 2024 was CA$102 per carat (US$74 per carat). This correction does not change any other information reported in the July 10, 2025 news release and no other matters require correction. About Mountain Province Diamonds Inc. Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property 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 Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off. For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at 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 Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. 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 development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; 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. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board. SOURCE Mountain Province Diamonds Inc.
Cision Canada
20-05-2025
- Business
- Cision Canada
Mountain Province Diamonds Announces Voting Results from 2025 Annual and Special Meeting of Shareholders
TSX and OTC: MPVD TORONTO and NEW YORK, May 20, 2025 /CNW/ - Mountain Province Diamonds Inc. (" Mountain Province" or the " Company") (TSX and OTC: MPVD) is pleased to announce the results of voting by the shareholders of the Company during the virtual 2025 annual and special meeting of Mountain Province's shareholders (the " Meeting"). A total of 110,077,023 common shares were voted at the Meeting representing 51.92% of the issued and outstanding common shares. The Company received the required shareholder approval under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (" MI 61-101") and under the TSX Company Manual (the " Manual") for the previously announced CAD$33 million working capital facility (the " WCF") with Dunebridge Worldwide Ltd. (" Dunebridge"). Mr. Dermot Desmond, through Vertigol Unlimited Company (" Vertigol"), is the ultimate beneficial holder of 75,446,071 common shares of the Company (the " Vertigol Shares"), representing over 35% of the Company's issued and outstanding shares, and on that basis, a "related party" of the Company under MI 61-101. Dunebridge is also ultimately beneficially owned by Mr. Desmond, and, as an affiliate of Vertigol under Mr. Desmond's common control, a "related party" of the Company under MI 61-101. Accordingly, for the purposes of the shareholder approval of the WCF under MI 61-101, the Vertigol Shares were excluded from the vote. Similarly, the 217,375 common shares registered to Mr. Jonathan Comerford, also a related party of Dunebridge, and accordingly, the Company, under MI 61-101, were excluded from the vote on the WCF in accordance with MI 61-101. For the purposes of the vote on the WCF under the Manual, the Vertigol Shares were excluded from the vote on the WCF in accordance with the Manual on the basis that Vertigol, as a control person of the company, and its affiliates, which includes Dunebridge, is an insider of the company. The definitive terms of the WCF are incorporated into an amended and restated bridge credit facility agreement dated May 13, 2025 (the " A&R Bridge Facility Agreement") with Dunebridge Worldwide Ltd., (" Dunebridge") as administrative agent, security trustee and lender thereunder Having received shareholder approval at the Meeting in respect of the WCF, the Company has drawn down on the balance of the WCF and will use the WCF on a revolving basis in accordance with its terms. Shareholders also elected the following directors to hold office until the next annual meeting of shareholders as detailed in the table below: KPMG was also re-appointed as auditor of the Corporation, with remuneration to be fixed by the directors. About Mountain Province Diamonds Inc. Mountain Province is a 49% participant with De Beers in the GK Mine located in Canada's Northwest Territories. The Gahcho Kué joint venture property 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 SOURCE Mountain Province Diamonds Inc.
