Stornoway Shareholders Overwhelmingly Approve Acquisition of Remaining 50% of Renard Diamond Project

Stornoway Diamond Corp. (TSX:SWY) announced that shareholders have overwhelmingly approved the previously announced acquisition of the remaining 50% interest of DIAQUEM Inc in the Renard Diamond project. The project is Stornoway’s feasibility-stage diamond project located in north-central Quebec.

The press release went on to say:

At a special meeting held today in Toronto, 96.6% of the votes cast by shareholders represented in person or by proxy were voted in favour of the Acquisition, which the parties have agreed will be completed on April 1, 2011 (the “Closing Date”).

Stornoway’s Executive Chairman, Eira Thomas commented that:

“This is a pivotal moment in our Company’s history. We now own 100% of Renard, a leading development track diamond asset, and we have gained SGF as a strong new shareholder and project lender. We look forward to a productive year, working closely with government and local stakeholders, including the communities of Mistissini and Chibougamau, to establish a formal development plan for Quebec’s first diamond mine.”

To view the complete press release, click here.

To view Stornoway’s company profile, click here.