Stornoway Closes Private Placement

NEWS RELEASE.

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.

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