Stornoway Closes Private Placement with Diaquem Inc.

Stornoway Diamond Corporation(TSX:SWY) announced the closing of a private placement with Diaquem Inc. The private placement for gross proceeds of $5,097,950 will be used to fund pre-development expenditures at the Renard diamond project.

As quoted in the press release:

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.

Click here to read the Stornoway Diamond Corporation (TSX:SWY) press release