LC.... I agree....... particulary in light of the stated relationship between BMO and Stornoway regarding future financing (excerpt)
Stornoway Executes Mandate Letter With Lead Arrangers For Renard Project Financing
Stornoway Diamond Corporation (TSX-SWY) is pleased to announce that it has entered into a Mandate Letter with seven financial institutions (the “Mandated Lead Arrangers”) in connection with a potential senior debt financing for Stornoway’s 100% owned Renard Diamond Project. The Mandated Lead Arrangers are Bank of Montreal, Caterpillar Financial, Export Development Canada, Investissement Qubec, Nedbank Capital Limited (London Branch), Socit Gnrale (Canada Branch) and The Bank of Nova Scotia. The Mandate Letter establishes the terms under which the Mandated Lead Arrangers have been appointed to arrange senior loans of up to US$475 million. It does not constitute a commitment to underwrite, provide or secure financing, which remains subject to due diligence, the completion of definitive loan documentation, credit and other approvals, and the terms and conditions of the term sheet attached to the Mandate Lette! r, among other things.
In connection with the Mandate Letter, Bank of Montreal is appointed Administrative Agent and Modeling Bank, Caterpillar Financial is appointed Insurance Agent, Nedbank Capital Limited (London Branch) is appointed Marketing Bank, Socit Gnrale (Canada Branch) is appointed Documentation Agent, and The Bank of Nova Scotia is appointed Technical Agent, Trustee and Account Bank.