DeBeers/Monopros Investment in Mountain Province is Closed.Business Editors ONTARIO, Calif.--(BUSINESS WIRE)--Sept. 19, 2000 Mountain Province Mining Inc. (Nasdaq:MPVIC) announced today that it has closed the first tranche of its private placement announced September 7, 2000. Monopros Limited, a wholly-owned subsidiary of De Beers Consolidated Mines Ltd., of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , has purchased 1,967,333 units of the Company at a price of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $0.60 per unit for total proceeds of $1,180,400. Each unit consists of one common share and one half of a share purchase warrant. Each whole warrant will entitle Monopros Limited to purchase an additional common share for a period of two years at a price of CDN$0.70 in the first year and CDN$0.80 in the second year. Separately, the Company announced that P. Nicholas Geer resigned as a director of the Company as of September 11, 2000. The Company expresses its appreciation to Mr. Geer for his invaluable assistance during the Company's recently completed acquisition of Glenmore Highlands Inc. The Company also announced that at its annual meeting of shareholders held September 15, 2000, Paul Shatzko, Jan Vandersande, Jesus Martinez, Carl Verley, David N. Siegel, David Whittle and Harry Dobson were re-elected directors of the Company. Shareholders also approved, subject to TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). approval, a change of the name of the Company to "Mountain Province Diamonds Inc." A resolution to consolidate the Company's common shares was not approved by shareholders. Mountain Province Mining Inc. is a diamond exploration and development company. The AK and CJ claims, located in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. 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 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 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. Mountain Province Mining Inc. Empire Towers I 3633 E. Inland Empire Blvd., Suite 265 Ontario, CA 91764 Phone: 909/466-1411 Fax: 909/466-1409 http://www.mountainprovince.com e-mail: mtnprovinvrel@worldnet.att.net |
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