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Stornoway Diamond Corp (SWY.TO)

SWY.TO on Toronto Stock Exchange

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6 Sep 2019
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Latest Key Developments (Source: Significant Developments)

Stornoway Granted Approval And Vesting Order
Tuesday, 8 Oct 2019 

Oct 7 (Reuters) - Stornoway Diamond Corp ::STORNOWAY GRANTED APPROVAL AND VESTING ORDER.STORNOWAY DIAMOND CORP - OBTAINED APPROVAL, VESTING ORDER FROM SUPERIOR COURT OF QUEBEC ISSUED IN CONNECTION WITH PROCEEDINGS UNDER CCAA.STORNOWAY DIAMOND CORP - UPON CONCLUSION OF TRANSACTIONS, STORNOWAY WILL NO LONGER HAVE ANY OPERATING ASSETS OR ACTIVE BUSINESS.  Full Article

Stornoway Files For Creditor Protection Under The Ccaa
Monday, 9 Sep 2019 

Sept 9 (Reuters) - Stornoway Diamond Corp ::STORNOWAY FILES FOR CREDITOR PROTECTION UNDER THE CCAA.STORNOWAY DIAMOND - CORP, UNITS APPLIED TO SUPERIOR COURT OF QUEBEC FOR PROTECTION UNDER CCAA TO RESTRUCTURE ITS BUSINESS AND FINANCIAL AFFAIRS.STORNOWAY DIAMOND - ON SEPT 8, CO & UNITS ENTERED LETTER OF INTENT WITH CERTAIN SECURED CREDITORS UNDER BRIDGE FINANCING AGREEMENT.STORNOWAY DIAMOND - UNDER LOI, PARTICIPATING SECURED CREDITORS CONFIRMED INTENTION TO ACQUIRE ALL OF ASSETS AND PROPERTIES OF CO & UNITS.STORNOWAY DIAMOND - CO'S UNITS ENTERED WORKING CAPITAL FACILITY AGREEMENT WITH PARTICIPATING SECURED CREDITORS FOR WORKING CAPITAL FACILITY OF $20 MILLION.STORNOWAY DIAMOND - WORKING CAPITAL FACILITY PROVIDES FINANCING, LIQUIDITY TO ENSURE RENARD MINE CONTINUES TO OPERATE IN UNINTERRUPTED MANNER.STORNOWAY DIAMOND - INTEND TO CONTINUE TO OPERATE AND MANAGE BUSINESS IN ORDINARY COURSE, INCLUDING RENARD MINE.STORNOWAY - CONTINUED DOWNWARD PRESSURE ON MARKET PRICE FOR ROUGH DIAMONDS CONTRIBUTED TO CO'S INABILITY TO GENERATE POSITIVE FREE CASH FLOW IN 2019.  Full Article

Stornoway Diamond Q2 Revenue C$189.4 Mln Vs C$56.9 Mln
Thursday, 15 Aug 2019 

Aug 14 (Reuters) - Stornoway Diamond Corp ::STORNOWAY REPORTS SECOND QUARTER 2019 FINANCIAL RESULTS.Q2 REVENUE C$189.4 MILLION VERSUS C$56.9 MILLION.HAS NOT RECEIVED A NON-BINDING INDICATION OF INTEREST THAT WAS CONSIDERED ACCEPTABLE IN ACCORDANCE WITH TERMS OF SISP.STORNOWAY - BELIEVES IT IS HIGHLY UNLIKELY THAT SISP COULD RESULT IN ONE OR MORE BIDS THAT WILL ULTIMATELY LEAD TO A SUCCESSFULLY COMPLETED DEAL.741,698 TONNES WERE MINED FROM UNDERGROUND MINE, INCLUDING 619,942 TONNES OF ORE IN QUARTER.STORNOWAY DIAMOND - SEES WORKING CAPITAL AS AT JUNE 30, 2019 TO NOT BE SUFFICIENT TO MEET OBLIGATIONS, COMMITMENTS, EXPENDITURES THROUGH JUNE 30, 2020.QTRLY NET LOSS OF $346.3 MILLION (COMPARATIVE QUARTER - $35.9 MILLION) DUE PRIMARILY TO A NON-CASH IMPAIRMENT CHARGE OF $442.7 MILLION.IMPAIRMENT CHARGE IN QUARTER DRIVEN BY DECREASING PRICES OF ROUGH DIAMONDS.STORNOWAY - IS AWARE OF MATERIAL UNCERTAINTIES RELATED TO EVENTS THAT MAY CAST SIGNIFICANT DOUBT UPON CO'S ABILITY TO CONTINUE AS A GOING CONCERN.  Full Article

Stornoway Reports Q2 2019 Production And Sales Results
Wednesday, 10 Jul 2019 

July 10 (Reuters) - Stornoway Diamond Corp ::STORNOWAY ANNOUNCES SECOND QUARTER 2019 PRODUCTION AND SALES RESULTS.STORNOWAY DIAMOND - 512,423 TOTAL CARATS SOLD IN TWO TENDER SALES FOR GROSS PROCEEDS OF $47 MILLION AT AVERAGE PRICE OF US$76 PER CARAT ($102 PER CARAT2).STORNOWAY DIAMOND - Q2 DIAMOND PRODUCTION OF 463,136 CARATS RECOVERED FROM PROCESSING OF 695,934 TONNES OF ORE AT AVERAGE GRADE OF 67 CARATS PER HUNDRED TONNES.  Full Article

Stornoway Diamond Q1 Adjusted Loss Per Share C$0.05
Tuesday, 14 May 2019 

May 13 (Reuters) - Stornoway Diamond Corp ::STORNOWAY REPORTS FIRST QUARTER 2019 FINANCIAL RESULTS.Q1 ADJUSTED LOSS PER SHARE C$0.05.Q1 REVENUE C$53.3 MILLION.Q1 LOSS PER SHARE C$0.05.TWO TENDER SALES WERE COMPLETED IN Q1 FOR A TOTAL OF 429,506 CARATS SOLD.STORNOWAY DIAMOND -Q1 DIAMOND PRODUCTION 444,562 CARATS PRODUCED FROM PROCESSING 582,613 TONNES OF ORE AT AVERAGE GRADE OF 76 CARATS/HUNDRED TONNES.STORNOWAY DIAMOND- CONTINUED DOWNWARD PRESSURE ON MARKET PRICE FOR ROUGH DIAMONDS INHIBITED CORP'S ABILITY TO GENERATE POSITIVE FREE CASH FLOW IN 2019.CORPORATION IS TAKING COST REDUCTIONS STEPS OF $18 MILLION TO $20 MILLION FOR FISCAL YEAR 2019, TO BE IMPLEMENTED OVER COURSE OF YEAR.INITIATION OF A STRATEGIC REVIEW TO CONSIDER ALL OPTIONS AVAILABLE TO CORPORATION.MANAGEMENT IS ALSO IN ACTIVE DISCUSSIONS WITH ITS FINANCIAL PARTNERS TO SECURE CORPORATION'S LONG-TERM FINANCIAL VIABILITY.  Full Article

Stornoway Diamond Says Corporation Has Made Decision To Suspend Open Pit Mining Operations In Renard 65 Open Pit
Tuesday, 9 Apr 2019 

April 9 (Reuters) - Stornoway Diamond Corp ::STORNOWAY REPORTS FIRST QUARTER 2019 PRODUCTION AND SALES RESULTS.STORNOWAY DIAMOND CORP - CORPORATION HAS MADE DECISION TO SUSPEND OPEN PIT MINING OPERATIONS IN RENARD 65 OPEN PIT.STORNOWAY DIAMOND - 429,506 TOTAL CARATS SOLD IN TWO TENDER SALES FOR $47 MILLION AT AVERAGE. PRICE OF US$83 PER CARAT AT RENARD DIAMOND MINE FOR QUARTER.STORNOWAY DIAMOND CORP - Q1 RENARD DIAMOND MINE DIAMOND PRODUCTION WAS 444,562 CARATS RECOVERED FROM PROCESSING OF 582,613 TONNES OF ORE.STORNOWAY DIAMOND CORP - NO EFFECT ON REVENUE IN 2019 IS TO BE EXPECTED FROM DECISION TO TEMPORARILY HALT PRODUCTION FROM RENARD 65 OPEN PIT.  Full Article

Stornoway Diamond Reports Q4 Loss Per Share Of $0.29
Thursday, 28 Mar 2019 

March 28 (Reuters) - Stornoway Diamond Corp ::STORNOWAY REPORTS FOURTH QUARTER AND 2018 FINANCIAL RESULTS.QTRLY LOSS PER SHARE - BASIC AND DILUTED $0.29.REVENUE DURING Q4 OF 2018 WERE $23.3 MILLION.RUN-OF-MINE DIAMOND SALES OF 253,929 CARATS WERE COMPLETED IN Q4 WITH GROSS PROCEEDS OF $31 MILLION.  Full Article

Stornoway Announces CEO Succession
Wednesday, 14 Nov 2018 

Nov 14 (Reuters) - Stornoway Diamond Corp ::STORNOWAY ANNOUNCES CEO SUCCESSION.SAYS CEO AND PRESIDENT MATT MANSON RESIGNED.MANSON WILL STEP DOWN AS PRESIDENT AND CEO OF CORPORATION AND WILL BE SUCCEEDED BY PATRICK GODIN.TO ACHIEVE AN ORDERLY TRANSITION IN 2019, MANSON WILL PROVIDE SUPPORT TO GODIN AS HE ASSUMES HIS NEW ROLE.  Full Article

Stornoway Q3 Loss Per Share C$0.05
Wednesday, 14 Nov 2018 

Nov 14 (Reuters) - Stornoway Diamond Corp ::STORNOWAY REPORTS FY2018 THIRD QUARTER FINANCIAL RESULTS.Q3 LOSS PER SHARE C$0.05.Q3 REVENUE C$29.4 MILLION VERSUS C$50 MILLION.2018 CARATS PRODUCED AND CARATS SOLD ARE EXPECTED WITHIN LOW END OF RANGE FOR 2018 REVISED GUIDANCE.Q3 DIAMOND PRODUCTION WAS 329,306 CARATS PRODUCED.2018 CASH OPERATING COSTS PER TONNE PROCESSED AND PER CARAT RECOVERED ARE EXPECTED TO BE AT HIGH END OF GUIDANCE RANGE.2018 AVERAGE DIAMOND PRICING ACHIEVED IS EXPECTED TO BE WITHIN GUIDANCE.SEES 2018 CARATS RECOVERED ON LOW END OF 1.35 TO 1.40 MILLION RANGE.SEES 2018 CAPITAL EXPENDITURES $90 TO $95 MILLION.STORNOWAY DIAMOND - CONTINUE TO SEE WEAKNESS IN DIAMOND MARKET, PARTICULARLY IN SMALLER AND LOWER QUALITY ITEMS CONTINUED THROUGH INTO Q4.SEES 2018 CASH OPERATING COST/TONNE ON HIGH END OF OR SLIGHTLY ABOVE $48-$50 RANGE.SEES 2018 CASH OPERATING COST/CARAT ON HIGH END OF OR SLIGHTLY ABOVE $88-$90 RANGE.  Full Article

Stornoway Diamond Says Q4 Diamond Production Of 398,267 Carats
Thursday, 11 Jan 2018 

Jan 11 (Reuters) - Stornoway Diamond Corp ::STORNOWAY DIAMOND CORP - Q4 DIAMOND PRODUCTION OF 398,267 CARATS.STORNOWAY DIAMOND CORP - FY2018 CAPITAL EXPENDITURES ARE ESTIMATED AT $82 MILLION.STORNOWAY DIAMOND CORP - Q4 SALES OF 453,646 CARATS.STORNOWAY DIAMOND CORP - FOR FY2018, CASH OPERATING COSTS ARE ESTIMATED AT $142 MILLION TO $150 MILLION.STORNOWAY DIAMOND CORP - Q4 SALES OF 453,646 CARATS SOLD IN TWO TENDERS FOR GROSS PROCEEDSOF $49.1 MILLION.STORNOWAY DIAMOND CORP - IN FY2018, EXPECTS TO PRODUCE 1.6 MCARATS FROM PROCESSING OF 2.5 MTONNES OF ORE AT AN AVERAGE GRADE 65 CPHT.STORNOWAY DIAMOND CORP - "OUTLOOK FOR ROUGH DIAMOND PRICING IN H1 OF 2018 IS POSITIVE".  Full Article