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7936567 Canada Inc SWYDF

Metals & Mining Industrial Metals & Minerals
Stornoway Diamond Corp is a leading Canadian diamond exploration and producing company. Its principal business is the development of its flagship asset, the fully-owned Renard Mine, located in Quebec, Canada. The company intends to grow its business through the exploration and development of its mines. Stornoway also holds interests in a portfolio of exploration assets across Canada through owned properties and joint ventures. These properties and joint ventures include projects such as Adamantin, Qilalugaq and Pikoo.


GREY:SWYDF - Post by User

7936567 Canada Inc
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Post by roberto10on Sep 22, 2019 9:51pm
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Post# 30153444

SWY

SWY
ornoway Diamond Corp CCAA <stornoway@deloitte.ca>
Thu 2019-09-19 9:14 AM
  • You;
  • Stornoway Diamond Corp CCAA
 

Hello,

 

The company had a sales and investment  solicitation process, however, none of the offers received was significant enough to pay all the shareholders. Which is the reason the company is using the law as last resort to be able to save as much as possible, mainly the operations of the mine and all the 540 jobs involved. The company is currently protected under the CCAA and are contemplating a transaction that will ensure the mine can continue to operate in the normal course of business for the greater benefit of the stakeholders. However, given the current actual debt and equity structure, the company is not profitable and the value of the shares have been decreasing. The company is still in negotiation with regards to the sale and once we know more, we will be able to communicate this to all shareholders.

 

Regards,

Betsy

 

 

Betsy Taylor-Cline, CPA, CA
Deloitte
Tel/Direct | Ligne directe: 514-393-5405

btaylorcline@deloitte.ca | www.deloitte.ca

 

 

Please consider the environment before printing.

 


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