De Beers/Monopros Subscribes to One-Half of Mountain Province Mining's Planned Private Placement.Business Editors ONTARIO, Calif.--(BUSINESS WIRE)--Sept. 7, 2000 Mountain Province Mining Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MPVI; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : MPV (MusicPhotoVideo) A playlist standard for music, image and video collections introduced in 2002 by the Optical Storage Technology Association (OSTA). An "MPV Writer" is software that creates the playlist, and an "MPV Reader" is software that can discover and read it. ) 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 Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. 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 camphor (kăm`fər), C10H16O, white, crystalline solid ketone with a characteristic pungent odor and taste. It melts at 176°C; and boils at 204°C;. Ventures (CDNX CDNX See Canadian Venture Exchange (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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion