Mountain Province Diamonds Inc announces that it has entered into an amendment to the amended and restated bridge credit facility agreement with Dunebridge Worldwide Ltd., to increase such the size of the bridge term facility under that agreement by US$10 million, from US$30 million to US$40 million.
The bridge credit facility agreement, which was originally entered into on February 24, 2025, provided for US$30 million in immediately available funds to the Company, with the Additional Bridge Term Facility to be made available to the Company at the discretion of Dunebridge on terms and conditions to be agreed to, which are now represented in the Amendment.
The Additional Bridge Term Facility will mature on the same date as the Original Bridge Term Facility, on March 18, 2026, and is subject to the same rate of interest of 10.5% per annum, to be capitalized and compounded quarterly on the principal amount and payable on maturity. The interest rate will increase to 12.5% per annum, if the Additional Bridge Term Facility or the Original Bridge Term Facility are not repaid, together with all accrued interest, upon maturity.
The Company has not yet determined whether it will proceed with pursuing a listing on the TSXV. Failure to either obtain the requisite disinterested shareholder approval under the Manual or obtain an alternative listing of its common shares on the TSXV in advance of January 25, 2026, unless waived or extended by the lender will constitute an event of default under the amended and restated bridge facility agreement.
The board of directors of the Company, acting in good faith, and all of the Company’s independent directors, acting in good faith, have determined that entering into the Amendment, generally, and the Additional Bridge Term Facility, including the Facility Fee, is reasonable given the financial difficulties that the Company is facing.
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