TORONTO, March 29, 2022 /CNW/ – Dunebridge Worldwide Ltd. (“Dunebridge“) of Western Business Centre, Building no.2, Mount Pleasant Village, Western Road, Nassau, Bahamas, SP-63131announces that Dunebridge acquired warrants (“Warrants“) to purchase up to 41,000,000 common shares of Mountain Province Diamonds Inc. (“MPVD“) on March 28, 2022 in connection with Dunebridge’s execution of a US$50 million junior secured term loan credit facility with MPVD.

Mr. Dermot F. Desmond of Switzerland is the ultimate beneficial owner of each of Dunebridge and Vertigol Unlimited Company (“Vertigol“).

Immediately before completion of this transaction, Dunebridge and its joint actors (including Vertigol) had beneficial ownership of, and exercised control or direction over, 74,696,071 common shares, representing approximately 35.485% of the outstanding common shares of MPVD. Following completion of this transaction, Dunebridge holds 41,000,000 Warrants, and if such Warrants were exercised on the date hereof, Dunebridge and its joint actors (including Vertigol) would hold 115,696,071 common shares, representing approximately 46.002% of the common shares of MPVD.

Dunebridge acquired the Warrants for investment purposes. Dunebridge may purchase or sell securities of MPVD in the future on the open market or in private transactions depending on market and economic conditions and other factors material to the investment decisions of Dunebridge.

A copy of the early warning report to be filed by Dunebridge in connection with the transaction described above will be available on SEDAR. A copy may also be obtained by contacting Emma Leeson at the number below. The head office of MPVD is located at 161 Bay Street, Suite 1410, PO Box 216, Toronto, Ontario, M5J 2S1.

SOURCE Dunebridge Worldwide Ltd.