Stornoway Raises $63 Million from Warrant Exercise
July 12, 16
(IDEX Online News) – Stornoway Diamond Corporation has announced that its common share purchase warrants were exercised at $0.90 per share for total proceeds of C$82.72 million ($63 million). This represents 97.47 percent of the warrants issued on July 8, 2014.
“The funds received from this exercise will be used to complete the construction of the Renard Project ahead of drawing up on our committed C$100 million senior loan facility,” said Stornoway president and CEO Matt Manson.
“Commissioning of the Renard process plant continues to progress smoothly, and first processing is expected to commence shortly.”
The Renard Diamond Project is located 350 kilometers north of Chibougamau in the James Bay region of north-central Québec.