Stornoway Diamond Corporation  closed a $22 million private placement comprising 24,444,444 common shares at a price of 90-cents per common share split equally between Agnico-Eagle Mines Limited and Lorito Holdings Limited. As a result of the private placement, Stornoway is now debt-free. Agnico-Eagle and Lorito held, equally between them, convertible debentures in the aggregate principal amount of $20 million, which were due in March 2009. 

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