Investissement Québec
25% shareholder of Basic Issued and Outstanding Shares (April 1, 2011),
37% of Fully Diluted Issued and Outstanding Shares
On April 1, 2011, Stornoway issued to DIAQUEM 29.6 million common shares, with voting rights, equal to 25% of Stornoway's issued and outstanding common shares, and 22.5 million newly-created non-voting convertible shares. DIAQUEM's total interest in Stornoway, if such convertible shares were fully converted for common shares, would be equal to 37% of the issued and outstanding common shares. DIAQUEM is a wholly-owned subsidiary of SOQUEM INC., itself a wholly-owned subsidiary of Investissement Québec (formerly Société générale de financement du Québec). On July 20, 2011, Mr. Jean-Jacques Carrier resigned from the Board to allow for three nominees of Investissement Quebec to be appointed: Mr. Michel Bouin, Mr. John LeBoutillier and Ms. Monique Mercier.
Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
Agnico-EaGle Mines Limited
10.8% shareholder of Basic Issued and Outstanding Shares (April 1, 2011),
8.8% of Fully Diluted Issued and Outstanding Shares (assumes conversion of all non-voting convertible shares and all outstanding stock options and warrants as at April 1, 2011)
Agnico-Eagle Mines Limited (Agnico-Eagle) is Stornoway's second largest shareholder and a leading mine developer in Québec. Agnico-Eagle became a large, strategic shareholder of the Company during Stornoway's concurrent takeover bids for Ashton Mining of Canada Inc. and Contact Diamond Corporation, which were successfully concluded in January 2007, and has subsequently participated in several financings. Mr. Ebe Sherkus, President and COO of Agnico-Eagle was appointed a director of Stornoway as of April 1, 2011.