Blackstone Acquires Equity Position in Stornoway

Stornoway Diamond Corporation (TSX:SWY) announced that Blackstone Tactical Opportunities has acquired a meaningful equity position in Stornoway and a minority ownership interest in the Renard diamond project.

As quoted in the market news,

The Renard diamond stream was concluded in July 2014 by FCDC Sales and Marketing Inc. (“FCDC”), a wholly owned subsidiary of Stornoway, by which FCDC agreed to sell a 20% undivided interest in diamonds produced from the Renard Diamond Project for an up-front payment of US$250 million. Following the Blackstone-Orion transaction, Orion remains the majority owner of the Renard stream interest and continues to be the second largest shareholder with an approximate 20% stake in Stornoway’s issued and outstanding common shares.

Matt Manson, President and CEO, stated:

We are very happy to welcome Blackstone as a shareholder and streaming partner in the ongoing development of the Renard Diamond Project. Blackstone’s transaction with Orion is additional validation of the good progress being made by the Stornoway team and in the long term fundamentals of the diamond mining sector. Blackstone’s global presence and their long-established status as one of the world’s leading investment firms make them ideally suited to Stornoway as we work to build a world class diamond mining company.

Click here for the full Stornoway Diamond Corporation (TSX:SWY) press release