Stornoway Diamond Corp. (TSX: SWY) has close the equity financing in which the company has sold 23,000,000 common shares for $0.50 per share resulting in gross proceeds of $11,500,000.
The underwriters received a cash fee equal to 6.5% of the gross proceeds from the sale of 16,000,000 of the common shares and 3% from the sale of 7,000,000 common shares pursuant to the offering and broker warrants enabling the underwriters to subscribe for up to 1,380,000 common shares of the company for $0.50 per share.
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Stornoway Diamond Corporation is one of Canada's leading diamond exploration and development companies, involved in the discovery of over 200 kimberlites in seven Canadian diamond districts.
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