Mountain Province Diamonds Inc. announced further details regarding its proposed financing arrangement involving its largest shareholder, Mr. Dermot Desmond.
As described in a news release disseminated on December 29th, 2021, the Proposed Arrangement envisions a financing package which would provide US$50M that is subordinate to existing bonds.
This new debt, as currently proposed, would bear an interest rate of 8% per annum, paid semi-annually until December 15, 2022. Following this date, the interest rate would be 2% above the margin on the second lien notes then outstanding. The maturity date of this new debt would be December 15, 2027.
As a part of the new financing package, 41 million share warrants at an exercise price of C$0.78 per common share are contemplated to be provided to the provider of the new facility. These warrants would expire on December 15th, 2027.
It is expected that the provider of the new facility will be an entity ultimately beneficially owned by Mr. Desmond.
Alex Shishlo for Rough&Polished
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