Mountain Province Diamonds Inc. (TSX: MPVD) announced today (August 13, 2019) that it has received notification from Nasdaq Stock Market LLC ("Nasdaq") that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rules for continued listing on the Nasdaq Stock Exchange. Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's common shares for the last 30 consecutive business days or from June 28, 2019 to August 12, 2019, the Company no longer meets the minimum bid price requirement.
The Notification Letter does not impact the Company's listing on the exchange at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or to February 10, 2020, to regain compliance with Nasdaq Listing Rule 5450(a)(1). In order to regain compliance, the Company's common shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive trading days. In the event that the Company does not regain compliance during the first notice period of 180 calendar days, or February 10, 2020, the Company may be eligible for additional time to regain compliance or may face delisting from the exchange.
The Company's business operations are not affected by the Notification Letter from Nasdaq.
The Company is also listed on the Toronto Stock Exchange (TSX: MPVD) and the Notification Letter does not affect this listing.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. Gahcho Kué is the world's largest new diamond mine, consisting of a cluster of various diamondiferous kimberlites, four of which are being developed and mined under the current mine plan. The Company also controls 67,164 hectares of highly prospective mineral claims and leases immediately adjacent to the Gahcho Kué Mine that include an indicated mineral resource at the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.