Mountain Province Diamonds has completed its rights offering, raising $47 million that will fund development of the Gahcho Kué mine.
“We are pleased with the strong support our rights offering received from shareholders and welcome the continuing support of our major shareholder,” said Mountain Province president and chief executive officer (CEO) Patrick Evans.
“The proceeds of the offering will be used primarily to fund Mountain Province’s 49 per cent share of the 2013 capital budget for the development of the Gahcho Kué diamond mine. Permitting of the project continues to progress on schedule with the final public hearing under the environmental review [set] for next week. Subject to the successful permitting, we expect construction of the mine to commence next year.”
A total of 54,869,243 rights were exercised for 9,144,870 common shares. A further 1,705,199 common shares were subscribed for under additional subscription privilege. A total of 10,850,069 common shares were subscribed for, which represents an 80.65 per cent take-up under the rights offering.