Stornoway Closes Its $15 Million Bought Deal Equity Financing

NEWS RELEASE.

March 28, 2012: North Vancouver, BC – Stornoway Diamond Corp. (Stock Profile – TSX: SWY) announced it has completed its bought deal equity financing previously announced on March 8, 2012 for aggregate gross proceeds to Stornoway of $15 million (the “Offering”). Scotia Capital Inc. (the “Underwriter”), as sole underwriter, purchased 15 million units (the “Units”), each consisting of one common share of Stornoway and one-half of one common share purchase warrant of Stornoway (a “Warrant”).

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. This over-allotment option has not been exercised at the time of this press release.

Stornoway intends to apply the net proceeds of the Offering, after deducting the underwriter’s fees and the expenses related to the Offering, to fund pre-development expenditures at the Renard Diamond Project, located in north-central Québec, for the 2012 calendar year and for general corporate purposes.

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