Loan deal means Desmond can push diamond mine stake to 46%
Tycoon Dermot Desmond, through one of his investment vehicles, has acquired warrants to buy up to 41 million shares in Mountain Province Diamonds in Canada
Dermot Desmond has the ability to push his stake in Mountain Province Diamonds, his billion-dollar Canadian diamond mine, to more than 46 per cent after striking a new $50 million loan deal with the company.
The billionaire financier has been supporting Mountain Province through loans and other facilities over the last few years, as the company struggled while diamond prices slumped and Covid-19 impacted the traditional diamond sales channels.
In a stock exchange filing last ...
