Stornoway Completes Equity Financing for $15 Million

Stornoway Diamond Corporation (TSX:SWY) announced the completion of the equity financing that was announced on March 8, 2012. The Company plans to use the proceeds to fund pre-development expenditures at the Renard Diamond project.

As quoted in the press release:

The Units were sold at a price of $1.00 per Unit. Each Warrant entitles its holder to purchase one common share in the capital of Stornoway at a price of $1.20 per share at any time prior to 5:00 p.m. (Vancouver time) on March 31, 2014. Stornoway granted to the Underwriter an over-allotment option, exercisable in whole or in part, up to 30 days after the completion of the Offering, to purchase up to an additional 2,250,000 Units at a price of $1.00 per Unit.

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