While Stornoway Diamond Corp continues with a strategic review aimed at ensuring the long-term viability of its Renard mine, in Quebec, the company has received financial backing from its secured lenders and key stakeholders.
Under the terms of the bridge financing agreement, Diaquem, an affiliate of Investissement Québec, has agreed to advance an estimated C$11.7-million by way of access to the funds available in a senior loan reserve account maintained by Stornoway’s subsidiary, Stornoway Diamond (Canada) Inc (SDCI).