|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 CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Apr. 26, 2017 01:45 PM EDT Reads: 2,361
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Apr. 26, 2017 01:45 PM EDT Reads: 843
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 01:30 PM EDT Reads: 1,139
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
Apr. 26, 2017 01:30 PM EDT Reads: 498
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 26, 2017 01:30 PM EDT Reads: 532
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 01:00 PM EDT Reads: 3,515
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 12:45 PM EDT Reads: 1,109
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 12:45 PM EDT Reads: 4,861
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Apr. 26, 2017 12:30 PM EDT Reads: 701
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Apr. 26, 2017 12:30 PM EDT Reads: 2,637
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTred processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Apr. 26, 2017 12:15 PM EDT Reads: 2,797
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 12:00 PM EDT Reads: 1,142
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Apr. 26, 2017 11:45 AM EDT Reads: 470
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Apr. 26, 2017 11:45 AM EDT Reads: 8,989
Apr. 26, 2017 11:15 AM EDT Reads: 274