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.