The Stornoway Diamond Corporation announced that it has entered into an agreement for a private placement of common shares with a syndicate of agents led by Desjardins Securities Inc. The offering is pending the approval of the Toronto Stock Exchange.

According to the diamond company's website, the proceeds from the offering will be used to fund Stornoway's exploration programs within Canada, including exploration at the Renard Diamond Project in Quebec.

Stornoway Diamond Corporation is one of Canada's leading diamond exploration and development companies, involved in the discovery of over 200 kimberlites in seven Canadian diamond districts.