The Stornoway Diamond Corporation announced that its largest shareholder, Diaquem, exercised its right to acquire shares in the diamond company, purchasing over five million shares of the company at the price of $1 apiece. The transaction makes Diaquem a 25%-stakeholder in Stornoway, Diamond News reported. Diaquem is a subsidiary of Investissement Quebec, which is a state corporation owned by the Canadian province of Quebec.
Stornoway plans to use these newly acquired funds to pay for general corporate expenses, and to inject into the Renard diamond project, located approximately 250 kilometers north of the Cree community of Mistissini, in northern Quebec. The project is currently in the pre-development stages, but the results of a feasibility study released in November indicated that there are likely at least 18 million carats available for mining, if not double that figure. Production is expected to begin in 2015.