Stornoway Closes Private Placement of Units
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2012) -Stornoway Diamond Corporation (TSX:SWY) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Stornoway Diamond Corporation ("Stornoway" or the "Corporation") is pleased to announce the closing of a private placement with Stornoway's largest shareholder, Diaquem Inc., an indirect wholly-owned subsidiary of Investissement Qu?bec, for aggregate gross proceeds of $5,097,950 (the "Private Placement").
The Private Placement was completed as a result of the exercise by Diaquem Inc. of its pre-emptive right, and upon the same terms as the units issued by the Corporation pursuant to a public offering which closed on March 28, 2012. Under the Private Placement, a total of 5,097,950 units of the Corporation (the "Units") were sold at a price of $1.00 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant of the Corporation. Each whole warrant entitles the holder to purchase one common share of the Corporation at a price of $1.20 per share at any time on or before April 21, 2014. As a result of the Private Placement, Diaquem Inc. now holds 25% of the Corporation's issued and outstanding common shares. The closing price of the common shares of the Corporation on the TSX on the date of this announcement is $0.86.
The securities issued upon the closing of the Private Placement will be subject to a hold period of four months and one day from closing.
The proceeds from the Private Placement will be used to fund pre-development expenditures at the Renard Diamond Project for the 2012 calendar year and for general corporate purposes.
The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of North-Central Qu?bec. In November 2011, Stornoway released the results of a feasibility study for Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 18.0 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Production start-up is scheduled for 2015. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project for further details and assumptions relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the TSX under the symbol "SWY". Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Qu?bec's first diamond mine. Stornoway also maintains an active diamond exploration program with both advanced and grassroots programs in the most prospective regions of Canada. Stornoway is a growth oriented company with a world class asset, in one of the world's best mining jurisdictions, in one of the world's great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Matt Manson, President and Chief Executive Officer
Stornoway diamond corporation
Stornoway (SWY.TO) Receives Renard Certificate of Authorization
Major Permitting Milestone Achieved on Schedule
Source:
http://stornowaydiamonds.com/investo...content_id=678
MONTREAL, QUEBEC--(Marketwire - Dec 6, 2012) - Stornoway Diamond Corporation (SWY.TO) is pleased to announce that it has received the global Certificate of Authorization for the Renard Diamond Project from the Qu?bec Minist?re du D?veloppement Durable, de l''Environnement,de la Faune et des Parcs ("MDDEFP"). The Certificate of Authorization represents the principal regulatory approval required to commence mine construction, and has been issued by the Qu?bec regulators following more than 2 years of formal environmental study, community engagement and public consultation under the terms of the James Bay and Northern Qu?bec Agreement (the "JBNQA").
Matt Manson, Stornoway''s President and CEO commented: "Today''s news represents the most significant milestone in the development of the Renard Diamond Project achieved to date. It comes just 11 months since the filing of the project''s Environmental and Social Impact Assessment, an accomplishment that reflects the high quality of the work undertaken by Stornoway''s project team and partners, and the broad support that the project enjoys within the nearby communities of Mistissini, Chibougamau and Chapais. The MDDEFP global Certificate of Authorization is the most important element of the permitting process for mining projects in Qu?bec. As of today we are able to say that the principal regulatory hurdle for the Renard Diamond Project is behind us."
The Renard project falls under the social and environmental protection regimes of both the JBNQA and the Canadian Environmental Assessment Act ("CEAA"). Successful public hearings on the project were held by the federal Canadian government and Qu?bec in June and August of this year respectively. Stornoway expects to receive regulatory authorizations from the Fisheries and Oceans Canada and Environment Canada shortly, following the conclusion of the federal government''s evaluation of the project under the CEAA. The Qu?bec Certificate of Authorization has been issued by the MDDEFP upon the recommendation of the review committee of the JBNQA ("COMEX"). The project''s Mining Lease was issued by the Qu?bec Minist?re des Ressources naturelles in October.
The Renard Environmental and Social Impact Assessment, as well as the project''s Environmental Baseline Study and Restoration Plan, are available in their entirety on Stornoway''s website (
www.stornowaydiamonds.com/renard/esia).
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of North-Central Qu?bec. In November 2011, Stornoway released the results of a Feasibility Study for Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 18.0 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project for further details and assumptions relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Qu?bec''s first diamond mine. Stornoway also maintains an active diamond exploration program with both advanced and grassroots programs in the most prospective regions of Canada. Stornoway is a growth oriented company with a world class asset, in one of the world''s best mining jurisdictions, in one of the world''s great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Matt Manson, President and Chief Executive Officer