RAPAPORT… The Toronto Stock Exchange is set to delist Stornoway
Diamond Corporation following the miner’s move to seek creditor
protection.
The company received notice from the bourse that it would be removed from the exchange at close of business on October 18, Stornoway said last week. The exchange has already suspended the company’s shares from
trading.
Stornoway’s major lenders agreed to take over the company after mounting debts forced it to default on a bridge loan, it explained earlier this month. The company will continue to manage the mine for the
time being.
Image: The Renard mine. (Stornoway Diamond Corporation)
Stornoway to Lose Stock-Exchange Listing
The Bottom Line
- The Toronto Stock Exchange will delist Stornoway Diamond Corporation effective October 18.
- Stornoway sought creditor protection following default on a bridge loan due to mounting debts.
- Major lenders have agreed to take over the company, which will continue managing the Renard mine temporarily.
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