Applies to -- CMVIF -- DBRSY -- MPVI
De Beers/Monopros Subscribes to One-Half of Mountain Province Mining's Planned Private Placement
De Beers/Monopros Subscribes to One-Half of Mountain Province Mining's
Planned Private Placement
ONTARIO, Calif., Sep 7, 2000 (BUSINESS WIRE) -- Mountain Province Mining Inc.,
(NASDAQ: MPVI; TSE: MPV) announced today that, subject to regulatory approval,
it will undertake a private placement of units at CDN$0.60 per unit to raise
proceeds of up to US$1,600,000 in two tranches.
Each unit consists of one share and one half of a non-transferable share
purchase warrant. Each whole warrant may be exercised to purchase one common
share of the Company at a price of CDN$0.70 per share in the first year and
CDN$0.80 per share in the second year.
Jan W. Vandersande, Ph.D., president and CEO of Mountain Province Mining, said,
"we are pleased to announce that Monopros Limited, a wholly owned subsidiary of
De Beers Consolidated Mines Ltd., has agreed to subscribe to the first tranch of
US$800,000."
Proceeds of the private placement will be used for general corporate purposes,
exploration and property evaluation, and working capital. There is no finder's
fee or commission payable in respect of both tranches of the private placement.
Mountain Province Mining Inc. is a diamond exploration and development company.
The AK and CJ claims, located in the Northwest Territories of Canada, are now
held 44.1% by Mountain Province Mining Inc., 4.9% by Camphor Ventures (CDNX:CFV)
and 51% by Monopros Limited. As reported in its press release on March 7, 1997,
Mountain Province Mining Inc. and its partners have entered into a joint
agreement with Monopros (a wholly owned subsidiary of De Beers Consolidated
Mines Limited) under which Monopros has the right to earn up to a 60% interest
in the AK and CJ properties by taking the project to commercial production.
This 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 of the control of the company.
USA Office: 3633 E. Inland Empire Blvd., Suite 265, Ontario, CA 91764 (800)
220-1943 CANADA Office: 789 West Pender Street, Suite 1205, Vancouver, B.C. V6C
1H2 (800)-555-9343 Web Site: www.mountainprovince.com E-mail:
MtnProvInvRel@worldnet.att.net
CONTACT: Mountain Province Mining Inc., Ontario, Calif.
Jan W. Vandersande, President, 909/466-1411
or
Porter, LeVay & Rose, Inc., New York
L.B. Stauffer, Sr. VP,
Greg Schmalz, VP - Media Relations,
Sari Clement, Investor Relations,
212/564-4700
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KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: MINING/METALS
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