A clarification for MauriceoppDD does not own the debt as you infer. He only owns part of the debt, to be exact he owns 18.18%. The original debt was 330 million US and he subscribed to 60 million.
The Company has been informed by the book-running managers that certain entities ultimately beneficially owned by Dermot Desmond, a related party of the Company, have participated in the offering by purchasing US$60,000,000 of Notes. Mr. Desmond, together with Bottin (International) Investments Ltd., an entity ultimately beneficially owned by him, holds approximately 37,951,887 shares of Mountain Province or 23.7% of the outstanding shares of the Company and are therefore considered related parties of Mountain Province. Mr. Desmond purchased the Notes on the same terms as all other purchasers. The proposed participation of Mr. Desmond in the offering was approved by the independent members of the board. For further information please see the material change report filed by the Company concurrently with this press release. The Company was unable to file the material change report 21 days in advance of completion of the offering of Notes because the participation by Mr. Desmond had not been determined at that time.