Stornoway Completes Funding of First Tranche of Diamond Stream Financing

Stornoway Diamond Corporation (TSX:SWY) announced the successful completion of the funding of the first US$80m tranche of diamond stream funding from Orion Mine Finance and the Caisse de depot et placement du Quebec.

As quoted in the press release,

Under Stornoway’s C$946 million(1) project financing transaction, which closed on July 8th, 2014, a total of US$250 million in upfront stream payments were committed by Orion and the CDPQ to fund in three tranches, scheduled for March 2015, September 2015 and March 2016. Drawdown of each tranche is conditional upon the satisfaction of certain terms and conditions, including the independent certification of construction progress at the Renard Diamond Project and its cost to complete being within plan. With these conditions having been met, the first stream tranche has been funded on schedule.

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