Diaquem Inc.: Announcement

MONTRÉAL, QUÉBEC--(Marketwire - April 19, 2012) - Diaquem Inc. ("Diaquem"), an indirect wholly-owned subsidiary of Investissement Québec ("IQ"), announced today that it has completed a private placement with Stornoway Diamond Corporation ("Stornoway" or the "Corporation") as a result of the exercise of its pre-emptive right upon the same terms as the units issued by the Corporation pursuant to a public offering which closed on March 28, 2012 (the "Private Placement"). Under the Private Placement, a total of 5,097,950 units of the Corporation (the "Units") were acquired by Diaquem at a price of $1.00 per Unit.

Each Unit issued as part of the Private Placement is comprised of one common share and one-half of one common share purchase warrant of the Corporation. Each whole warrant entitles the holder to purchase one common share of the Corporation at a price of $1.20 per share at any time on or before April 19, 2014. The common shares and the warrants issued to Diaquem as part of the Private Placement are subject to a statutory four-month hold period.

Before the closing of the Private Placement, Diaquem held 29,588,892 common shares of the Corporation representing approximately 22.14% of the Corporation's issued and outstanding common shares, as well as 22,543,918 non-voting convertible shares representing 100% of the Corporation's issued and outstanding non-voting convertible shares. The 5,097,950 common shares acquired as part of the Private Placement represent approximately 3.67% of the issued and outstanding common shares of the Corporation. As a result of the Private Placement, Diaquem now holds 34,686,842 common shares of the Corporation, representing approximately 25% of the issued and outstanding common shares of the Corporation, as well as 2,548,975 common share purchase warrants.

The securities issued to Diaquem as part of the Private Placement were distributed pursuant to an exemption from the prospectus requirements as set out in section 2.3 of Regulation 45-106 respecting Prospectus and Registration Exemptions.

The Private Placement is a private transaction and therefore was not realized through the facilities of any stock exchange or other market. Diaquem holds the common shares and warrants for investment purposes and, in accordance with applicable securities laws, may increase or decrease its investment depending on market conditions.

An early warning report in respect of the above noted transaction will be filed on SEDAR.

About Diaquem

Diaquem is dedicated to undertaking exploration, development and mining activities for diamonds deposits throughout the province of Québec. The main asset of Diaquem is its investment in Stornoway Diamond Corporation which was acquired by selling its 50% share in the Ungava project (Foxtrot) located north of the Otish Mountains (James Bay area) to Stornoway Diamond Corporation in April 2011. In 1996, Ashton Mining of Canada Inc. entered into a 50-50 joint venture with Diaquem to carry out regional reconnaissance work. Ashton Mining has since been replaced by Stornoway Diamond Corporation. Exploration conducted by the joint venture has resulted in the discovery, in 2001, of a new field of kimberlitic intrusions.