The company secured commitments for C$946m ($885.7m) from Orion Mine Finance, Diaquem and Ressources Québec and the Caisse de dépôt et placement du Québec. Caterpillar Financial will provide an equipment financing facility.

The funding would be received through a combination of senior and subordinated debt facilities, equity issuances.

In addition, around C$464m ($434.4m) has been issued to the company in gross proceeds from the public and private offerings of subscription receipts and the private offering of convertible debentures.

Stornoway also announced a purchase and sale agreement for the forward sale of diamonds.

Scotiabank and Dundee Capital Markets provided financial advisory services to Stornoway on the transaction.

The Renard project is said to host probable mineral reserves of 17.9 million carats, total indicated mineral resources of 27.1 million carats with inferred mineral resources of 16.85 million carats and 25.7 to 47.8 million carats under non-resource exploration upside category.