Stornoway Announces $22 Million Private Placement to Close Within 21 Days

VANCOUVER, BRITISH COLUMBIA - (Marketwire - July 25, 2008) - On July 16, 2008, Stornoway Diamond Corporation (TSX:SWY) announced that, subject to negotiating the definitive subscription agreement and receiving all necessary approvals, it intends to effect a $22 million private placement (the "Private Placement") comprising 24,444,444 common shares at a price of $0.90 per common share split equally between Agnico-Eagle Mines Limited ("Agnico-Eagle") and Lorito Holdings Limited ("Lorito"). The proceeds of the Private Placement will be used to redeem the $10 million principal amount of convertible debentures held by each of Agnico-Eagle and Lorito. The Issuer hopes to close the Transaction in fewer than 21 days from the date of the material change report filed with respect to this transaction. The Issuer believes that closing... [read full story]