Stornoway Diamond Corp. (TSX:SWY) announced that its shareholders “overwhelmingly” approved resolutions regarding Renard project financing transactions at its special meeting of shareholders, held today in Quebec.
As quoted in the press release:
Resolution Approving Transactions with Investissement Québec
At the Special Meeting, approximately 96.6% of the votes cast by holders of Common Shares (the ‘Common Shareholders’) present (or represented by proxy) and eligible to vote on such resolution (which excluded votes cast by Investissement Québec (‘IQ’) and its directors and officers), approved the resolution authorizing a series of transactions involving various wholly-owned subsidiaries of IQ, including a senior secured loan and various private placements of securities of the Corporation and, consequently, such resolution was duly adopted.
Resolution Approving Various Private Placements
At the Special Meeting, approximately 98.0% of the votes cast by Common Shareholders present (or represented by proxy) approved the resolution authorizing the issuance by private placement, of Common Shares and securities convertible into, or exercisable for, Common Shares to various parties to the financing transactions and, consequently, such resolution was duly adopted.