DIAQUEM INC. ANNOUNCES EXCHANGE OF RENARD JOINT VENTURE INTEREST FOR SHARES OF STORNOWAY DIAMOND CORPORATION

TORONTO, April 1 /CNW/ - Diaquem Inc. ("Diaquem"), a wholly-owned subsidiary of Investissement Québec, announces that it has sold its 50% interest in the Renard Diamond Project joint venture and related assets to Stornoway Diamond Corporation ("Stornoway") and has received a consideration comprised of (i) a royalty interest in diamonds and minerals produced from the Renard property and (ii) 29,588,892 common shares in the capital of Stornoway ("Stornoway Common Shares") and convertible shares (the "Convertible Shares" and, together with the 29,588,892 Stornoway Common Shares, the "Consideration Shares") convertible into 22,543,918 Stornoway Common Shares.

The 29,588,892 Stornoway Common Shares over which Diaquem exercises control and direction represent approximately 25% of the issued and outstanding Stornoway Common Shares. Taken together with the Stornoway Common Shares issuable upon conversion of the Convertible Shares (after giving effect to the conversion of the Convertible Shares, but not the exercise, exchange or conversion of other convertible securities of Stornoway), Diaquem would exercise control and direction over approximately 37% of the issued and outstanding Stornoway Common Shares.  The Convertible Shares are, however, non-voting shares and are not convertible into Common Shares (other than for the purpose of immediate resale of the underlying Stornoway Common Shares) if as a result Diaquem would hold more than 25% of the outstanding Stornoway Common Shares.

The Consideration Shares have been acquired by Diaquem for investment purposes.

About Investissement Québec

Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.

For additional information, or to obtain a copy of the report required pursuant to the early warning reporting requirements, please contact:

Diaquem Inc. 600 De la Gauchetière Street West Suite 1500 Montréal, Quebec H3B 4L8

SOURCE Diaquem Inc.

For further information:

Josée Béland
Spokesperson
Investissement Québec 
514 873-6027

Profil de l'entreprise

Diaquem Inc.

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