{"id":1134394,"date":"2019-08-23T15:19:43","date_gmt":"2019-08-23T20:19:43","guid":{"rendered":"https:\/\/www.mining.com\/?p=1000180"},"modified":"2019-08-23T15:19:43","modified_gmt":"2019-08-23T20:19:43","slug":"stornoway-diamond-dealt-another-blow","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1134394","title":{"rendered":"Stornoway Diamond dealt another blow"},"content":{"rendered":"<p>Stornoway Diamond Corporation&nbsp;(TSX-SWY)<strong>&nbsp;<\/strong>has officially been&nbsp;put on notice this week, facing a delisting review from the Toronto Stock Exchange.&nbsp;&nbsp;<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The beleaguered Canadian&nbsp;miner,&nbsp;originally co-founded by&nbsp;Eira&nbsp;Thomas, has been facing financial storms since late 2016, but its share price was holding at C20 cents in March, since declining nearly 90%.&nbsp;&nbsp;<\/p>\n<p>In April,\u00a0Stornoway\u00a0<a rel=\"noreferrer noopener\" aria-label=\"halted operations at the\u00a0Renard (opens in a new tab)\" href=\"https:\/\/www.mining.com\/stornoway-diamond-halts-open-pit-operations-quebec-mine\/\" >halted operations at\u00a0Renard<\/a>, which is the province of Quebec\u2019s first diamond mine, and Stornoway\u2019s primary asset.\u00a0\u00a0<\/p>\n<p>Stornoway has been exposed to the&nbsp;low quality&nbsp;end of the market, and those diamonds have&nbsp;been selling for much less, due to an unforeseen oversupply.&nbsp;&nbsp;<\/p>\n<p>Things were looking up in June, when Stornoway and&nbsp;its subsidiaries&nbsp;<a href=\"http:\/\/www.canadianminingjournal.com\/news\/diamonds-bridge-loan-gives-stornoway-some-breathing-room\/\"  rel=\"noreferrer noopener\" aria-label=\"arranged bridge financing  (opens in a new tab)\">arranged bridge financing <\/a>to keep the Renard mine operating while the company undertook a strategic review with the aim of restructuring its finances.&nbsp;<\/p>\n<p>But Stornoway since <a href=\"http:\/\/s2.q4cdn.com\/850616047\/files\/doc_financials\/Quarterly%20Reports\/2019\/q2\/SWY_FS_2019-06-30_EN.PDF\"  rel=\"noreferrer noopener\" aria-label=\"released grim financial results (opens in a new tab)\">released grim financial results<\/a> from the three months leading to June 30. The miner reported a net loss of over C$394&nbsp;million, and&nbsp;said that management&nbsp;forecasts cash flows \u201cwill not be sufficient to meet the corporation&#8217;s obligations, commitments and budgeted expenditures through June 30, 2020 based upon current market diamond prices.\u201d&nbsp;&nbsp;&nbsp;<\/p>\n<p>Stornoway is\u00a0now\u00a0being reviewed under the TSX\u2019s remedial review process and has been granted 120 days to <a href=\"https:\/\/www.tsx.com\/resource\/en\/125\"  rel=\"noreferrer noopener\" aria-label=\"comply with all requirements (opens in a new tab)\">comply with all requirements<\/a> for continued listing. <\/p>\n<p>If&nbsp;Stornoway&nbsp;cannot demonstrate that it meets all TSX requirements on or before December 20, 2019, the Corporation\u2019s securities will be delisted 30 days from&nbsp;that&nbsp;date.&nbsp;&nbsp;<\/p>\n<p>Friday afternoon, Stornoway&#8217;s stock was sitting at just over a penny.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian miner is facing a delisting review from the Toronto Stock 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