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Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: jrhana who wrote (1185)	8/20/2003 5:47:03 PM
From: Rocket Red	Respond to of 16206

Stornoway closes $15-million offering Stornoway Diamond Corp SWY Shares issued 43,466,604 Aug 19 2003 close $ 1.75 Wednesday August 20 2003 News Release Mr. Eira Thomas reports STORNOWAY COMPLETES $15 MILLION FINANCING Stornoway Diamond has closed the financing underwritten by Canaccord Capital Corporation, with a syndicate of underwriters including Haywood Securities Inc., BMO Nesbitt Burns Inc. and Raymond James Ltd., originally reported in Stockwatch news on Aug. 5, 2003. The underwriters exercised their overallotment option in full and, accordingly, $15-million was raised for Stornoway. Stornoway issued 7,999,999 units, each comprising one common share and one-half of one share purchase warrant. Each whole warrant is exercisable for one common share at a price of $1.75 per share until Aug. 20, 2004. The underwriters completed the offering of units at a price of $1.50 per unit for gross proceeds of $12-million. The underwriters received a 6.5-per-cent cash commission and were issued underwriters' warrants to purchase 800,000 common shares in respect of the unit offering. The underwriters' warrants are exercisable at a price of $1.55 per share up to Aug. 20, 2004. In addition, the syndicate of underwriters completed the sale of 1,999,999 flow-through shares by way of private placement at a price of $1.50 per flow-through share for gross proceeds of $3-million. The underwriters received a 3-per-cent cash commission for the flow-through offering. All securities issued at closing are subject to a four-month hold period, expiring Dec. 21, 2003. The TSX Venture Exchange has issued conditional acceptance of this financing and final approval is pending. After this financing, Stornoway has approximately $19.45-million in working capital. Proceeds of this financing will be used to finance the company's diamond exploration projects in Nunavut, the Northwest Territories and Quebec. Stornoway holds interests in more than 11 million acres of prospective diamond properties throughout Northern Canada and will spend in excess of $8-million on exploration during 2003. (c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com old url (better for printing)