ENP Newswire -
Release date- 27062014 -
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.
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
Final closing of these transactions will follow upon the completion of definitive documentation between the parties and the receipt of all remaining regulatory approvals.
In addition, in contemplation of the anticipated closing of these financing transactions in the coming days, Stornoway and
Accrued and unpaid interest will be added to the principal amount under the bridge facility and will be payable at maturity in cash. Under the terms of the amendment, Stornoway will no longer have the right to satisfy up to 50% of the interest payable under the bridge facility in common shares of Stornoway.
Probable Mineral Reserves, as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101'), stand at 17.9 million carats.
Total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 27.1 million carats, with a further 16.85 million carats classified as Inferred Mineral Resources, and 25.7 to 47.8 million carats classified as non-resource exploration upside. Readers are cautioned that the potential quality and grade of any target for further exploration is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. All kimberlites remain open at depth.
Readers are referred to the technical report dated
Stornoway is a leading Canadian diamond exploration and development company listed on the
President and CEO
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
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