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Toronto, November 2, 2010 - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE AMEX: MDM) announces that it has entered into an agreement with Wellington West Capital Markets Inc. (the "Agent") in connection with an overnight-marketed, best efforts private placement of common shares (the "Common Shares") at a price of $5.00 to raise gross proceeds of $10,000,000 (the "Offering").
Concurrent with the Offering, the Company is undertaking a non-brokered private placement for gross proceeds of $13,000,000 (the "Non-Brokered Offering") at the same offering price of the Offering.
Mountain Province plans to use the net proceeds from the Offering to advance the Gahcho Kué Diamond project in the Northwest Territories and general corporate purposes.
The Offering and Non-Brokered Offering are scheduled to close on or before November 18, 2010 and are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX and NYSE-Amex.
The common shares to be issued pursuant to the Offering and Non-Brokered Offering will be subject to a four-month restricted resale period from the closing date.
This news release is not an offer of Common Shares for sale in the United States. The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Forward-Looking Statement
This news release may contain forward-looking statements, within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995, regarding the Company's business or financial condition. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside the control of the Company.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mountain Province Diamonds Inc.
Patrick Evans, President and CEO
Phone: (416) 670-5114
www.mountainprovince.com
E-mail: info@mountainprovince.com