Stornoway will use the proceeds of the facility to finance pre-development work at the Renard Diamond project in North-Central Québec, including the initiation of detailed engineering, the ordering of long-lead mining equipment and the expansion of Stornoway’s Quebec based mining team.
Fonds has provided 75% of the loan, while Diaquem has provided 25% of the facility.
In connection with the debt facility, Stornoway has granted the Lenders, on a proportionate basis, a total of 15 million share purchase warrants.
The loan agreement contains additional representations, covenants and commitments customary for a facility of this nature.
Stornoway is a Canadian diamond exploration and development company.
