C$1.31 million greenshoe fully exercised; proceeds fund exploration
By Devika Patel
Knoxville, Tenn., Dec. 3 - Stornoway Diamond Corp. said it settled a C$10.05 million private placement of stock. The deal priced for C$8.74 million with a C$1.31 million greenshoe on Nov. 13.
The company sold 10.58 million flow-through common shares at C$0.95 per share on a bought-deal basis. The price per share reflects a 2.15% premium to the Nov. 12 closing share price of C$0.93. Of the shares, 1.38 million were part of the fully exercised greenshoe.
The offering was conducted via a syndicate of underwriters led by Dundee Securities Ltd. and including Scotiabank and Desjardins Securities Inc.
Proceeds will be used for exploration.
Based in Vancouver, B.C., Stornoway is a diamond exploration and development company.
| Issuer: | Stornoway Diamond Corp.
|
| Issue: | Flow-through common shares
|
| Amount: | C$10,051,000 (including C$1,311,000 greenshoe)
|
| Shares: | 10.58 million
|
| Price: | C$0.95
|
| Warrants: | No
|
| Agents: | Dundee Securities Ltd. (lead), Scotiabank and Desjardins Securities Inc.
|
| Pricing date: | Nov. 13
|
| Settlement date: | Dec. 3
|
| Stock symbol: | Toronto: SWY
|
| Stock price: | C$0.93 at close Nov. 12
|
| Market capitalization: | C$108.99 million
|
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