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Montreal advised Stornoway Diamond on its C$129m financing package for its Renard Diamond Mine

October 2, 2018 Client: Stornoway Diamond Corporation

Our Montreal office advised Stornoway Diamond Corporation on the financing package for its Renard Diamond Mine for up to C$129m.

The package included the deferral of certain loan principal repayments with Investissement Québec and Fonds de solidarité FTQ and Fonds régionaux de solidarité FTQ Nord-du-Québec, representing debt service cost deferral of up to C$54m, amendments to the Renard diamond streaming agreement comprising a supplementary up front deposit of the US dollar equivalent of C$45m, and a private placement of units consisting of common shares and warrants for approximately C$20m to Caisse de dépôt et placement du Québec and up to approximately C$10m to Ressources Québec.

The team included Steve Malas, Amar Leclair-Ghosh, Martin Thériault, Derek Chiasson, David Lemieux, Miguel Manzano, Renée Loiselle, Carole Gilbert, Pierre-François Tétreault, and Charles St-Pierre.