https://www.miningweekly.com

Stornoway gets C$83m windfall as paper get exercised

11th July 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Quebec-focused project developer Stornoway Diamond Corp on Monday advised that it had received a welcome windfall of C$82.72-million, after 91.91-million common share purchase warrants were exercised.

The warrants, with a strike value of $0.90 a share, expired on Friday, representing 97.47% of the warrants issued on July 8, 2014.

“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,” stated president and CEO Matt Manson.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.204 0.242s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: