Stornoway Receives $63 Million from Warrant Exercise

Mining and Exploration
12/07/2016 13:02

Canada's Stornoway Diamond Corp. has announced that 91,912,732 common share purchase warrants were exercised at a price of $0.69 (C$0.90) per share for total proceeds to the Corporation of $63 million (C$82.72) million. This represents 97.47% of the warrants issued on July 8, 2014. President and CEO Matt Manson commented, “We are grateful for this expression of confidence by our warrant holders. The funds received from this exercise will be used to complete the construction of the Renard Project ahead of drawing upon our committed C$100 ($76.75) million senior loan facility. This will further strengthen our balance sheet, and allow for greater financial flexibility as cash flow begins. Commissioning of the Renard process plant continues to progress smoothly, and first ore processing is expected to commence shortly.”