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Stornoway Diamond Corporation (TSX:SWY) announced a flow-through financing for gross proceeds of $5,001,750, with Dundee Securities Ltd. as lead underwriter, together with a syndicate including Scotiabank and Desjardins Securities Inc.
Stornoway Diamond Corporation (TSX:SWY) announced a flow-through financing for gross proceeds of $5,001,750, with Dundee Securities Ltd. as lead underwriter, together with a syndicate including Scotiabank and Desjardins Securities Inc.
As quoted in the press release:
… entered into an agreement with Dundee Securities Ltd. as lead underwriter, together with a syndicate including Scotiabank and Desjardins Securities Inc. (collectively, the “Underwriters”), for a private placement financing on a bought deal basis of 5,265,000 flow-through common shares (“Flow-Through Shares”) at a price of $0.95 per Flow-Through Share for gross proceeds of $5,001,750 (the “Offering”). In addition, Stornoway has granted the Underwriters the option to purchase up to an additional 789,750 Flow-Through Shares to cover over-allotments (the “Over-Allotment Option”). The Underwriters may exercise the Over-Allotment Option at the issue price up to 48 hours prior to closing.
Stornoway President and CEO, Matt Manson, said:
The Renard Diamond Project possesses extensive resource upside outside of the current Mineral Reserve, characterized as either Inferred Mineral Resource or ‘Target for Further Exploration’. The financing announced today allows us to plan for a resource expansion and conversion program in 2014 targeted principally on Renard 2 and designed to aggressively test the depth extent of the Renard kimberlites. This program will run separate from, and complementary to, the project construction capital program scheduled for 2014 and 2015 following the completion of principal project financing.”
Click here to read the Stornoway Diamond Corporation (TSX:SWY) press release
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