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Stornoway Announces Bought Deal Equity Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Stornoway Diamond Corporation (TSX:SWY) ("Stornoway" or the "Company") is pleased to announce that it has entered into an agreement with Scotiabank (the "Underwriter") for a bought-deal financing of 15 million units (the "Units"). Each Unit will be priced at $1.00 and will be exercisable for one common share in the share capital of Stornoway (the "Shares") for no additional consideration plus one-half of a common share purchase warrant (the "Warrants"; collectively the "Offering"). Each whole Warrant shall entitle the holder thereof to acquire one Share at a price of $1.20 for a period of 24 months following closing of the Offering. Aggregate gross proceeds of the Offering will be $15 million, and the net proceeds of the Offering will be used for pre-development capital expenditures of the Renard Diamond Project and for general corporate purposes. Closing of the Offering is anticipated to occur on or about March 28, 2012 and is subject to the receipt of applicable regulatory approvals, including approval of the Toronto Stock Exchange ("TSX"). The Units issuable under the Offering may also be concurrently offered in the United States on a private placement basis pursuant to applicable exemptions from registration requirements.
Source: Stockhouse