Stornoway Raises Over $1M in Private Placement
Stornoway Diamond Corp has raised $1.3 million in a private placement of shares via private placement memorandum (PPM). The company placed 8,421,276 flow-through common shares, with Sandfire Securites Inc. as its agent, and including Canaccord Capital Corporation and Haywood Securities Inc. The proceeds from the placement will be used primarily to fund Stornoway’s share of exploration on the Renard Diamond Project in Quebec, company spokespersons said.
The shares, priced at CAD 0.17 per share, are subject to a four-month hold period that will expire on September 30, 2009. The company fell short of its initial target of raising $1.8 million (CAD 2 million) at CAD 0.22 per share in the placement. Stornoway explores for diamonds in Canada.
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