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Stornoway Raises $10M From Private Placement
Dec 6, 2013 12:05 PM
By Brian Bossetta
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RAPAPORT... Stornoway Diamond Corporation, one of Canada’s emerging diamond exploration and development companies, raised $10.1 million through its previously announced bought-deal private placement to finance exploration on its Renard project, located in the James Bay region of north-central Quebec.
The funding comes from the issuance of flow-through common shares — shares issued by a corporation to investors who then receive tax incentives — by Stornoway specifically for the purpose of additional work on Renard. The company believes Renard has the potential to be a “significant” producer of high-value rough diamonds over a long mine life.
Stornoway estimated that Renard contains 17.9 million carats in probable mineral reserves, 27.1 million carats of indicated mineral reserves, 16.5 million carats classified as inferred mineral reserves and 25.7 to 47.8 million carats classified as “non-resource exploration upside.”
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Tags:
Brian Bossetta, Canada, diamonds, mining, renard, stornoway
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