|By Marketwired .||
|June 26, 2014 05:56 PM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 06/26/14 -- Stornoway Diamond Corporation (TSX:SWY) (the "Corporation" or "Stornoway") is pleased to announce the results of voting at its special meeting of shareholders held earlier today on June 26, 2014 in Montreal, Quebec (the "Special Meeting") on resolutions relating to the comprehensive financing plan for the Renard Diamond Project which was first announced on April 9th, 2014.
Resolution Approving Transactions with Investissement Quebec
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 Investissement Quebec ("IQ") and its directors and officers), approved the resolution authorizing a series of transactions involving various wholly-owned subsidiaries of IQ, including a senior secured loan and various private placements of securities of the Corporation and, consequently, such resolution was duly adopted.
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 Orion Co-Investments I Limited, Ressources Quebec (a wholly-owned subsidiary of IQ) and the Caisse de depot et placement du Quebec on April 9, 2014, as amended on May 7, 2014 and May 12, 2014. 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 Diaquem Inc. have agreed to further extend the maturity date of Stornoway's existing $20 million unsecured non-revolving bridge credit facility with Diaquem Inc. to the earliest to occur of (a) the day on which the conditions precedent to the closing of the first tranche of the senior secured loan as part of the financing transactions are satisfied or waived, (b) June 30, 2017 and (c) the date on which the amount outstanding under the bridge facility is accelerated in accordance with its terms, and, in the event the closing of the financing transactions has not occurred by July 31, 2014, the extended maturity date of the bridge facility would be August 1, 2014. 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.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Quebec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. 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 December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project. Disclosure of a scientific or technical nature in this press release was prepared under the supervision of Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, a "qualified person" under NI 43-101.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Quebec's first diamond mine. Stornoway is a growth oriented company with a world class asset, in one of the world's best mining jurisdictions, in one of the world's great mining businesses.
On behalf of the Board STORNOWAY DIAMOND CORPORATION /s/ "Matt Manson" Matt Manson President 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 May 12, 2014 and other disclosure documents available under the Corporation's profile at: www.sedar.com.
President and CEO
Director, Investor Relations
416-304-1026 x103 or toll free at 1-877-331-2232
M. Patrick Godin
Vice-president et Chef des operations
Stornoway Diamond Corporation
Email: [email protected]
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Apr. 26, 2017 06:00 AM EDT Reads: 557
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 26, 2017 05:30 AM EDT Reads: 1,041
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Apr. 26, 2017 04:45 AM EDT Reads: 2,122
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Apr. 26, 2017 04:30 AM EDT Reads: 5,275
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 26, 2017 04:15 AM EDT Reads: 1,058
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 26, 2017 04:15 AM EDT Reads: 1,218
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Apr. 26, 2017 04:15 AM EDT Reads: 469
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 26, 2017 03:45 AM EDT Reads: 504
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
Apr. 26, 2017 03:15 AM EDT Reads: 6,600
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Apr. 26, 2017 03:00 AM EDT Reads: 3,466
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 26, 2017 02:45 AM EDT Reads: 1,014
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Apr. 26, 2017 02:30 AM EDT Reads: 1,448
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Apr. 26, 2017 01:45 AM EDT Reads: 1,319
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
Apr. 26, 2017 01:45 AM EDT Reads: 1,991
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 26, 2017 12:45 AM EDT Reads: 1,020