Toronto, July 30, 2009 - Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPV, AMEX: MDM) today announced that although its previously announced non-brokered private placement is over-subscribed, the Company has decided to limit the placement to the originally announced C$4.5 million. Final regulatory approval has been received and the Company expects to close the private placement shortly.
On closing, 3,000,000 Units of the Company will be issued at a price of C$1.50 (US$1.30) per Unit for aggregate gross proceeds of C$4.5 million. Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at an exercise price of C$2.00 (US$1.73) for a period of 18 months from the date of closing of the private placement.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States.
This news release may contain forward-looking statements, within the meaning of the "safe-harbor" provision 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