Orion Mine Finance sells portion of Stornoway shares

Private equity firm Orion Mine Finance has entered into an agreement to sell 90-million of the shares of Canadian miner Stornoway Diamond Corp that it held for investment purposes.

Orion will sell the shares at C$0.04 a share, netting C$3.6-million.

After the transaction, Orion, through entities managed by the firm, will own 22 083 596 of Stornoway shares and $20.5-million of convertible debentures, which are convertible to shares before July 8, 2021, at a rate of $0.8863.

Assuming the conversion, Orion’s security holding percentage in the common shares will be 4.45% - a decrease from the 13.32% immediately prior to the transaction.