Stornoway Announces Second Closing of Non-Brokered Financing
November 14, 2008
Vancouver, British Columbia - Stornoway Diamond Corp. (TSX:SWY) ("Stornoway" or the "Company") is pleased to announce the closing of the sale of a further 667,333 "flow-through" common shares for gross proceeds of $100,100 under the non-brokered private placement announced on November 5, 2008.
When sales under the private placements that closed on November 13, 2008 and this sale are combined, the Company has issued a total of 26,188,334 "flow-through" common shares and paid a 6% commission on certain subscriptions received, consisting of cash and 521,077 agent's commission shares and 298,242 finder's commission shares.
The gross proceeds of $3,928,250 from both the brokered and non-brokered private placements (Stornoway News Release dated November 13, 2008) will be used to further exploration on the Renard Project in Quebec and certain other Canadian mineral properties. The common shares issued in the non-brokered private placement that closed November 14th are subject to a four-month hold period expiring on March 15, 2009.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and may never be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ "Eira Thomas"
Chief Executive Officer
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the Toronto Stock Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements.