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
Add to Bookmarks:
Related news to "Stornoway closes $22 million private placement"
- Pangea closes private placement
- Diamonds North closes non-brokered private placement
- Peregrine Diamonds closes private placement
- Mano closes private placement
- Peregrine to raise $5.0 Million
- Great Western closes private placement
- Verena closes private placement
- International Samuel announces non-brokered private placement
- Rockwll completes brokered private placement with the Johannesburg Stock Exchange Listing
- Archangel to raise $170M
No Comments
No comments yet.
Sorry, the comment form is closed at this time.
Previous: « Hughes to resign from AGTA GTC
Next: Lesotho diamond could be largest ever polished round diamond »
Visited 357 times, 1 so far today since July 6th 2007