Mountain Province Diamonds Announces Amendments to Revolving Credit Facility
TORONTO and NEW YORK, March 31, 2020– Mountain Province Diamonds Inc. (“Mountain Province”, or the “Company”) (TSX and OTCQX: MPVD) announces the following amendments to the covenant requirements under its currently undrawn US$50 million revolving credit facility with Scotiabank and Nedbank:
- The maximum Total Leverage Ratio for the quarter ended March 31, 2020 has increased from 4.0:1 to 4.5:1.
- The maximum Total Leverage Ratio for the quarter ended June 30, 2020 has increased from 4.0:1 to 5:1. If during the quarter ended June 30, 2020, the total Leverage Ratio is between 4.5:1 and 5:1, the Company’s availability is reduced by 50%.
- The maximum Total Leverage Ratio for the quarter ended September 30, 2020 is increased from 4.0:1 to 4.25:1.
Mountain Province President and CEO Stuart Brown commented:
“I am pleased to report these positive amendments to the US$50 million revolving credit facility, which is currently undrawn and available to Mountain Province. Our thanks go to Scotiabank and Nedbank for being so accommodating and understanding in these challenging times. These changes provide the Company with increased financial flexibility as it continues to assess and mitigate the ongoing impact of the COVID-19 pandemic.”
About the Company
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 67,164 hectares of highly prospective mineral claims and leases immediately adjacent to the Gahcho Kué Joint Venture property that include an indicated mineral resource at 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.