Stornoway completes C$946M financing for Renard Diamond Project
July 08, 2014
946.00 Million CAD
On July 8, 2014, Stornoway Diamond Corporation announced the closing of its previously announced financing transactions with Orion Mine Finance, Diaquem Inc., Ressources Québec (wholly-owned subsidiaries of Investissement Québec), and the Caisse de dépôt et placement du Québec.
The Financing Transactions are intended to provide a comprehensive funding package for the construction of the Renard Diamond Project. In total C$946 million has been funded, or committed for funding, through a combination of senior and subordinated debt facilities, equity issuances, an equipment financing facility with Caterpillar Financial, and the forward sale of diamonds. Taken together, these transactions represent the largest ever project financing package for a publicly listed diamond company.
Stornoway Diamond Corporation, headquartered in Montréal, Québec, is a leading Canadian diamond exploration and development company. Their flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec’s first diamond mine. Stornoway also maintains an active diamond exploration program with both advanced and grassroots programs in the most prospective regions of Canada. Stornoway is a growth oriented company with a world class asset, in one of the world’s best mining jurisdictions, in one of the world’s great mining businesses.
Investissement Québec, Resources Québec and Diaquem Inc. were represented by McCarthy Tétrault LLP with a team co-led by Richard O’Doherty (Financial Services and Mining) and Gary Litwack (Mining), and composed of Mary Jeanne Phelan (Financial Services), Valérie Mac-Seing and James Klein (Real Estate).