Stornoway Receives $82.72 Million from Warrant Exercise

July 11, 2016

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Stornoway Diamond (TSX:SWY) has announced that prior to their expiry on July 8, 91,912,732 common share purchase warrants were exercised at $0.90 per share for total proceeds of $82.72 million.

As quoted in the press release:

This represents 97.47% of the warrants issued on July 8, 2014.

Matt Manson, President and CEO, commented: “We are grateful for this expression of confidence by our warrant holders. The funds received from this exercise will be used to complete the construction of the Renard Project ahead of drawing upon our committed C$100 million senior loan facility. This will further strengthen our balance sheet, and allow for greater financial flexibility as cash flow begins. Commissioning of the Renard process plant continues to progress smoothly, and first ore processing is expected to commence shortly.”

Click here to read the full press release.

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Category: Gem