Stornoway Closes Private Placement


April 19, 2012: North Vancouver, BC – Stornoway Diamond Corp. (Stock Profile – TSX: SWY) announced the closing of a private placement with Stornoway’s largest shareholder, Diaquem Inc., an indirect wholly-owned subsidiary of Investissement Québec, for aggregate gross proceeds of $5,097,950 (the “Private Placement”).

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. Each Unit consists of one common share and one-half of one common share purchase warrant of the Corporation. Each whole warrant entitles the holder to purchase one common share of the Corporation at a price of $1.20 per share at any time on or before April 21, 2014. As a result of the Private Placement, Diaquem Inc. now holds 25% of the Corporation’s issued and outstanding common shares. The closing price of the common shares of the Corporation on the TSX on the date of this announcement is $0.86.

To read more – CLICK HERE.


Comments are closed.

If you would like to receive our free newsletter via email, simply enter your email address below & click subscribe.


 Daily Gainers

 Lincoln Minerals Limited LML.AX +125.00%
 Golden Cross Resources Ltd. GCR.AX +33.33%
 Casa Minerals Inc. CASA.V +30.00%
 Athena Resources Ltd. AHN.AX +22.22%
 Adavale Resources Limited ADD.AX +22.22%
 Azimut Exploration Inc. AZM.V +21.98%
 New Stratus Energy Inc. NSE.V +21.05%
 Dynasty Gold Corp. DYG.V +18.42%
 Azincourt Energy Corp. AAZ.V +18.18%
 Gladiator Resources Limited GLA.AX +17.65%

Download the latest Solaris Resources (SLSSF) Investor Kit

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

MiningFeeds will use the information you provide on this form to be in touch with you and to provide updates and marketing.