Stornoway closes $22 million private placement
by Tiffany Marlow
Stornoway Diamond Corporation, one of Canada’s leading diamond exploration and development companies, has closed a $22 million private placement comprising 24,444,444 common shares at a price of $0.90 per common share split equally between Agnico-Eagle Mines Limited and Lorito Holdings Limited.
Agnico-Eagle and Lorito agreed to amend the debentures to permit Stornoway to redeem them prior to the maturity date in consideration for an additional $2 million payment to be split equally between Agnico-Eagle and Lorito.
The proceeds of the Private Placement were required to redeem the $10 million principal amount of convertible debentures held by each of Agnico-Eagle and Lorito and to make the $2 million payment in respect of the amendment of the debentures. As a result of the Private Placement, Stornoway is now debt-free.
On July 31, 2008, Stornoway issued a further 1,055,894 common shares in payment of interest payable on the convertible debentures to the redemption date in the amount of $289,315.
Story link: Stornoway closes $22 million private placement
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