hollister sale Stornoway to buy other 50% of Quebe

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The agreement also includes a commitment by Societe generale de financement du Quebec (SGF), the Quebec government company that owns Diaquem, to enter into a credit support agreement with Stornoway for at least $100-million of future project debt financing, Stornoway said.
"The agreement announced today establishes several key pillars for the future growth of Stornoway: 100% ownership [url=http://www.sandvikfw.net/shopuk.php]hollister sale[/url] of the Renard diamond project, credit support for future project debt, and a new, sponsoring shareholder strongly motivated to assist in the development of Quebec's first diamond mine," CEO Matt Manson said.
The company is on schedule to complete a bankable feasibility study for Renard next [url=http://www.rtnagel.com/louboutin.php]louboutin pas cher[/url] year, he said on a conference call.
Stornoway published an t for Renard in March, and [url=http://www.1855sacramento.com/woolrich.php]woolrich bologna[/url] the company has said it wants to be ready for a production decision by the end of 2011.
The company also said on Tuesday it will raise C$35-million in a bought-deal financing and will use the funds to cover feasibility and pre-development costs at Renard, as well as for general corporate purposes.
The transaction with Diaquem and SGF requires shareholder approval, but [url=http://www.achbanker.com/home.php]hollister france[/url] two big Stornoway shareholders, gold miner Agnico-Eagle [url=http://www.rtnagel.com/airjordan.php]nike air jordan pas cher[/url] Mines and the [url=http://www.ilyav.com/uggpascher.php]boots ugg pas cher[/url] Lundin family, which together control about 20,8% of the company's issued and outstanding shares, have already entered into agreements to vote their shares in favour of the deal, according to Tuesday's statement.
Stornoway will issue common voting shares equal [url=http://www.thehygienerevolution.com/barbour.php]barbour[/url] to 25% of the company to Diaquem, and will also issue newly-created non-voting convertible shares [url=http://www.rtnagel.com/louboutin.php]louboutin[/url] that will push Diaquem's total interest in Stornoway to the equivalent of 37% on a fully diluted basis.
There are currently four diamond mines operating in Canada: BHP Billiton's Ekati mine, De Beers Canada's Snap Lake operation and Rio Tinto, Harry Winston and Kinross Gold's Diavik, all in the Northwest Territories, as well as the Victor mine in [url=http://www.maximoupgrade.com/hot.php]hollister france[/url] Ontario, which is owned and operated by De Beers.
TORONTO ( – TSX-listed Stornoway Diamond Corp will buy the 50% it does not own in the firm's flagship Renard diamond project from a [url=http://www.vivid-host.com/barbour.htm]barbour uk[/url] Quebec government company, in exchange for shares in Stornoway and a 2% revenue royalty on future production from the project.
A syndicate of underwriters, led [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] by RBC Capital Markets, will buy 57,4-million common shares of Stornoway at a price of C$0,61 apiece.
The March study suggested a potential mine life of at least 25 years based on a processing capacity of 5 000 t/d, the company said at the time.
Shares in Stornoway were trading at [url=http://www.getconversational.com]hollister pas cher[/url] C$0,66 apiece before they were halted late on Tuesday afternoon for the announcement.
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