Resolution Approving Transactions with
At the Special Meeting, approximately 96.6% of the votes cast by holders of Common Shares (the "Common Shareholders") present (or represented by proxy) and eligible to vote on such resolution (which excluded votes cast by
Resolution Approving Various Private Placements
At the Special Meeting, approximately 98.0% of the votes cast by Common Shareholders present (or represented by proxy) approved the resolution authorizing the issuance by private placement, of Common Shares and securities convertible into, or exercisable for, Common Shares to various parties to the financing transactions and, consequently, such resolution was duly adopted.
Special Resolution Approving the Amendment to the Articles of Continuance
At the Special Meeting, approximately 98.3% of the votes cast by Common Shareholders present (or represented by proxy), 100% of the votes cast by the holder of the Corporation's Non-Voting Convertible Shares that were issued and outstanding on the record date, and approximately 98.7% of the votes cast by Common Shareholders and the holder of Non-Voting Convertible Shares, voting together, present (or represented by proxy), approved the special resolution authorizing an amendment to the articles of continuance of the Corporation in order to cancel and repeal the Corporation's Non-Voting Convertible Shares and the rights, privileges, restrictions and conditions attaching thereto and, consequently, such resolution was duly adopted.
Final voting results on all matters voted on at the Special Meeting will be published shortly on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com.
The approval by Stornoway's shareholders of these resolutions is a necessary condition for the completion of the series of transactions contemplated in the financing commitment agreement entered into by Stornoway with
In addition, in contemplation of the anticipated closing of these financing transactions in the coming days, Stornoway and
Stornoway is a leading Canadian diamond exploration and development company listed on the
On behalf of the Board
STORNOWAY DIAMOND CORPORATION/s/ "Matt Manson" Matt MansonPresident and Chief Executive
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the anticipated timing of the closing of the financing transactions. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "schedule" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Stornoway will operate in the future, including the price of diamonds, anticipated costs and Stornoway's ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Certain important assumptions by Stornoway in making forward-looking statements include, but are not limited to the receipt of regulatory approvals on acceptable terms within commonly experienced time frames. Additional risks are described in Stornoway's most recently filed Annual Information Form, annual and interim MD&A, the final short form prospectus dated
FOR FURTHER INFORMATION PLEASE CONTACT:
Matt MansonPresident and CEO 416-304-1026 x101 Orin BaranowskyDirector, Investor Relations 416-304-1026 x103 or toll free at 1-877-331-2232 M. Patrick GodinVice-president et Chef des operations 450-616-5555 firstname.lastname@example.org Stornoway Diamond CorporationWebsite: www.stornowaydiamonds.com Email: email@example.com Source: Stornoway Diamond Corporation