Edition:
India

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. 

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6 Sep 2019