Company Overview of Les Diamants Stornoway (Canada) Inc.
Key Executives for Les Diamants Stornoway (Canada) Inc.
Les Diamants Stornoway (Canada) Inc. does not have any Key Executives recorded.
Les Diamants Stornoway (Canada) Inc. Key Developments
Stornoway Completes Finance Agreement with Quebec for Renard Mine Road
Dec 7 12
Stornoway Diamond Corporation announced that its wholly-owned subsidiary Les Diamants Stornoway (Canada) Inc. has completed a Financing Agreement with the Quebec Ministere des Finances et de l'Economie under which Stornoway will be financed to complete the construction of a mining-grade access road to the Renard Diamond Project. The Financing Agreement is pursuant to a Framework Agreement and associated Letter of Intent previously executed between Quebec and Stornoway and announced on November 15, 2012. The Framework Agreement and the now-completed Financing Agreement are designed to ensure all-season road access to Renard during 2013. Quebec to provide Stornoway with a credit facility of up to CAD 77 million to complete the road construction work, at an annual interest rate of 3.35%, for a term of 15 years, with repayment beginning 48 months following first disbursement, and deferrable up to 2 years due to any delay in the attainment of commercial production at Renard past July 1, 2016. On the basis of the construction schedule as currently anticipated, Stornoway expects to request an initial disbursement under Loan A during the month of December 2012.
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