Stornoway Common Shares and Convertible Debentures to be Delisted From TSX

LONGUEUIL, Québec, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Stornoway Diamond Corporation (TSX-SWY; the “Corporation” or “Stornoway”) announced today that it has received notice that the Continued Listings Committee of the Toronto Stock Exchange ("TSX") has determined to delist the Corporation’s common shares and convertible debentures effective at the close of market on October 18, 2019. The Corporation does not intend to appeal the decision. The common shares and convertible debentures remain suspended from trading.

As previously announced, on September 9, 2019, the Corporation and its subsidiaries Stornoway Diamonds (Canada) Inc., Ashton Mining of Canada Inc. and FCDC Sales and Marketing Inc. obtained an initial order (the “Initial Order”) from the Superior Court of Quebec (Commercial Division) (the “Court”) for protection under the Companies’ Creditors Arrangement Act (“CCAA”) in order to restructure their business and financial affairs. Further to the Initial Order and in light of the ongoing restructuring process, the Corporation no longer intends to file continuous disclosure documents under the Corporation’s profile on the System for Electronic Document Analysis and Retrieval (www.sedar.ca).

Deloitte Restructuring Inc. is the court-appointed monitor pursuant to the Initial Order.  Information about the CCAA proceedings, including the monitor's reports, are available on the monitor's website at https://www.insolvencies.deloitte.ca/en-ca/pages/Stornoway-Diamond-Corp.aspx.

About Stornoway Diamond Corporation

Stornoway is a Canadian diamond exploration and production company headquartered in Montreal and owns a 100% interest in the Renard Mine, Québec’s first diamond mine.