Mountain Province Diamonds Reports Shareholder Vote Results for 2025 Meeting
Mountain Province Diamonds Reports Shareholder Vote Results
Mountain Province Diamonds Inc., commonly referred to as Mountain Province, has shared the results of its 2025 annual meeting of shareholders held virtually. This significant event allowed shareholders to vote on vital issues impacting the company’s future. A total of 110,077,023 common shares were cast, representing 51.92% of all outstanding shares.
Key Approvals at the Meeting
The shareholders provided the necessary approvals for the CAD$33 million working capital facility (WCF) with Dunebridge Worldwide Ltd.. This approval is in accordance with the Multilateral Instrument 61-101, which governs the protection of minority security holders during special transactions. The results were overwhelmingly in favor, with 98.41% voting to approve the facility required by corporate regulations.
| Vote Type | Votes For | Percentage For | Votes Against | Percentage Against |
|---|---|---|---|---|
| --- | --- | ---- | ---- | ---- |
| Approval of WCF | 27,520,816 | 98.41% | 445,315 | 1.59% |
The facility represents a significant step for Mountain Province as it seeks stability and growth amid fluctuating market conditions.
Shareholder Participation and Related Parties
A notable figure, Mr. Dermot Desmond, through his company Vertigol Unlimited, holds a large stake in Mountain Province, owning over 35% of the shares. Due to the related-party nature of Mr. Desmond’s affiliation with both the company and Dunebridge, certain shares were excluded from the WCF vote, ensuring a fair and transparent process in line with regulatory guidelines.
The definitive terms of the WCF will govern its use on a revolving basis as outlined in an amended bridge credit facility agreement dated May 13, 2025, which formalizes the relationship with Dunebridge.
Election of Directors
During the meeting, shareholders also cast votes for several board members. The following nominees were appointed to continue their service until the next annual meeting:
| Nominee | Votes For | Votes Withheld |
|---|---|---|
| --- | --- | ------ |
| Jonathan Comerford | 97,899,568 | 5,512,634 |
| Mark Wall | 97,971,881 | 5,440,321 |
| Brett Desmond | 98,218,006 | 5,194,196 |
| Karen Goracke | 102,718,019 | 694,183 |
| Daniel Johnson | 102,616,499 | 795,703 |
| Jeff Swinoga | 102,629,238 | 782,964 |
All elected directors demonstrated strong backing from the shareholders, reinforcing their roles amid ongoing challenges within the diamond mining industry.
Auditor Reappointment
In addition, KPMG has been reappointed as the company’s auditor, with the directors tasked with determining their compensation.
About Mountain Province Diamonds Inc.
Mountain Province Diamonds holds a 49% ownership stake in the Gahcho Kué Mine, located in Canada’s Northwest Territories, in partnership with the global diamond leader, De Beers. This mine is recognized for its rich kimberlite deposits and forms a crucial part of the company’s future developments. Alongside this venture, Mountain Province has acquired over 96,000 hectares of prospective mineral claims around the GK Mine, indicating strong potential for discovering significant mineral resources in the coming years.
For more details and news updates regarding Mountain Province Diamonds, visit their official website at www.mountainprovince.com.
Topics General Business）
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