08/20/2019 Bridge Finance Agreement:
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Execution Copy
CAN_DMS: \129042636\1
AMENDMENT AGREEMENT TO
BRIDGE FINANCING AGREEMENT
Dated as of August 13, 2019
WHEREAS Stornoway Diamond Corporation, Stornoway Diamond (Canada) Inc., FCDC Sales and
Marketing Inc. and Ashton Mining of Canada Inc. (each a Borrower and collectively, the Borrowers), the
Bridge Lenders identified on the signature pages thereto, and Computershare Trust Company of Canada
have entered into a Bridge Financing Agreement dated as of June 10, 2019 (the Bridge Financing
Agreement);
WHEREAS the Borrowers request (i) the extension of the Phase 1 Bid Deadline and the Phase 2 Bid
Deadline (as defined in the SISP) until the Maturity Date, (ii) the extension until the Maturity Date of the
waiver of application of the Tangible Net Worth covenant in sections 9.6(c) of the Stream Agreement and
9.04(4) of the Senior Loan Agreement, and (iii) that interest on the aggregate amount of the
Facility Amount be payable in arrears on the Maturity Date (rather than monthly, on the last Business Day
of each month, as per the existing terms of the Bridge Financing Agreement), the whole on the terms and
with effect as set forth in this Agreement;
WHEREAS the Bridge Lenders have agreed to provide such amendments to the applicable provisions of
the Bridge Financing Agreement, other Credit Documents and Finance Documents on the terms and with
effect as set forth in this Agreement.
NOW THEREFORE, in consideration of the foregoing premises and other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:
1 Defined Terms, etc.
(a) Capitalized terms used in this Agreement and not otherwise defined have the meanings
given to them in the Bridge Financing Agreement.
(b) This Agreement constitutes a Credit Document under the Bridge Financing Agreement.
2 Amendments
2.1 SISP Amendment
With effect from and as of July 15, 2019, the Bridge Lenders hereby agree that the SISP is amended to
extend the Phase 1 Bid Deadline and the Phase 2 Bid Deadline until the Maturity Date.
2.2 TNW Amendment
Also with effect from and as of July 15, 2019, the Bridge Lenders (including in their respective capacity as
Buyers, where applicable, and in the case of Diaquem, in its capacity as lender under the Senior Loan
Agreement) hereby agree that Section 40 of the Bridge Facility is amended to read as follows:
40. WAIVER OF TANGIBLE
NET WORTH
COVENANTS:
With effect as of the date hereof and until the Maturity Date, the
covenants requiring maintenance of a minimum Tangible Net Worth
in sections 9.6(c) of the Stream Agreement and 9.04(4) of the
Senior Loan Agreement are waived in full and shall not apply during
such period.
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2.3 Interest Payment Amendment
In addition, the Bridge Lenders hereby agree to amend Section 16 of the Bridge Facility by deleting in full
the first sentence thereof and replacing it with the following (with the remainder of Section 16 staying
unchanged):
16. INTEREST RATES: Interest shall be payable on the aggregate outstanding amount of
the Facility Amount that has been funded from the date of the
funding thereof at a rate equal to 8.25% per annum, compounded
monthly and payable, in arrears, in cash on the Maturity Date.
3 Confirmation
The amendments in Section 2 shall not be, or be deemed to be, amendments to, any other covenant or
provision of the Bridge Financing Agreement or any of the other Credit Documents.
4 Effectiveness
This Agreement shall become effective only upon its execution by all parties hereto.
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6 Governing Law
This Agreement shall be governed by, and construed in accordance with, the laws of the Province of
Quebec and the federal laws of Canada applicable therein. Without prejudice to the ability of the Bridge
Lenders to enforce this Agreement in any other proper jurisdiction, the Borrowers irrevocably submit and
attorn to the non-exclusive jurisdiction of the courts of the Province of Quebec.
7 Counterparts
This Agreement may be executed in any number of counterparts and by electronic transmission including
“pdf email”, each of which when executed and delivered shall be deemed to be an original, and all of
which when taken together shall constitute one and the same instrument.
8 Language
The parties acknowledge that, except as indicated below, they have agreed that this Agreement and all
related documents and notices be drawn up in English. Les parties ont convenu que, sous réserve de ce
qui est mentionné ci-bas, le présent Agreement et tous les documents et avis connexes soient rédigés en
anglais.
As of the date of this Agreement, the Caisse de Dépôt et de Placement du Québec (“CDPQ”) has
executed a French language version the Consent and Intervention attached hereto as Schedule A (the
“Consent and Intervention”) pursuant to which CDPQ agreed to be bound by this Agreement and to
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perform the obligations assigned to it under this Agreement, as if it had executed this Agreement in the
English language, subject to the covenants contained in this Section 8. The Borrowers hereby agree to
cause their counsel, Norton Rose Fulbright Canada LLP, to deliver within 30 days of the date of this
Agreement, a French language version of this Agreement, which shall be executed by CDPQ, Diaquem
Inc. and the Borrowers, but shall not be executed by the other parties hereto. Such French language
version of this Agreement shall be (i) in form satisfactory to CDPQ, Diaquem Inc. and the other Bridge
Lenders, and their respective counsel, and (ii) accompanied by an opinion of Norton Rose Fulbright LLP,
counsel to the Borrowers, addressed to the Borrowers, the Bridge Lenders and Computershare Trust
Company of Canada, with respect to conformity of such French language version to the English language
version of this Agreement, such opinion to be in a form satisfactory to CDPQ, Diaquem Inc., the other
Bridge Lenders and their respective counsel.
From and after the date of the execution by CDPQ, Diaquem and the Borrowers of such French language
version of this Agreement, in the event of a discrepancy between the terms and conditions of the French
language version of this Agreement and the terms and conditions of the English language version of the
Agreement which impacts the interpretation of the Agreement as between one or more of the Bridge
Lenders and Computershare, on one hand, and one or more of the Borrowers, on the other hand, the
French language version shall prevail only to the extent that the terms and conditions which are the object
of such discrepancy are more favorable to the Bridge Lenders or Computershare in the French language
version, in which case such more favorable provisions of the French language version of this Agreement
shall be deemed to be integrated into the English language version of this Agreement and may be relied
upon by any and all of the Bridge Lenders and Computershare.
From and after the date of the execution by CDPQ, Diaquem Inc. and the Borrowers of such French
language version of this Agreement, in the event of any discrepancy between the terms and conditions of
the French language version of this Agreement and the terms and conditions of the English language
version of this Agreement, other than the type of discrepancy referred to in the above paragraph but
including for greater certainty any discrepancy which affects the interpretation of the Agreement as
between one or more of the Bridge Lenders and Computershare, on one hand, and one or more of the
Bridge Lenders and Computershare, on the other hand, the English language version shall prevail.
[Signature pages follow on separate pages]
IN WITNESS HEREOF, the parties hereby execute this Agreement as at the date first above mentioned.
DIAQUEM INC., as Bridge Lender
Per: (Signed) Authorized Signatory
Name:
Title:
Per:
Name:
Title:
OSISKO GOLD ROYALTIES LTD, as Bridge
Lender
Per: (Signed) Authorized Signatory
Name:
Title:
Per: (Signed) Authorized Signatory
Name:
Title:
TRIPLE FLAG MINING FINANCE BERMUDA LTD.,
as Bridge Lender
Per: (Signed) Authorized Signatory
Name:
Title:
Per:
Name:
Title:
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information
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information
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information
ALBION EXPLORATION FUND, LLC, as Bridge
Lender, BY ALBION RIVER LLC, as Manager
Per: (Signed) Authorized Signatory
Name:
Title:
Per:
Name:
Title:
WASHINGTON STATE INVESTMENT BOARD, as
Bridge Lender
Per: (Signed) Authorized Signatory
Name:
Title:
Per:
Name:
Title:
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information
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information
STORNOWAY DIAMONDS (CANADA) INC. / LES
DIAMANTS STORNOWAY (CANADA) INC., as
Borrower
By: (Signed) Patrick Godin
Name: Patrick Godin
President and CEO
ASHTON MINING OF CANADA INC./LES MINES
ASHTON DU CANADA INC., as Borrower
By: (Signed) Patrick Godin
Name: Patrick Godin
President and CEO
STORNOWAY DIAMOND CORPORATION, as
Borrower
By: (Signed) Patrick Godin
Name: Patrick Godin
President and CEO
FCDC SALES AND MARKETING INC./ VENTES ET
MARKETING FCDC INC., as Borrower
By: (Signed) Patrick Godin
Name: Patrick Godin
President and CEO
COMPUTERSHARE TRUST COMPANY OF
CANADA, as Stream Agent (as such term is defined
in the Common Terms and Intercreditor Agreement)
By: Signed (Jonathan Champoux Cadoche)
Name: Jonathan Champoux Cadoche
Title: Gestionnaire fiduciaire
Corporate Trust Officer
By: Signed (Nathalie Gagnon)
Name: Nathalie Gagnon
Title: Gestionnaire fiduciaire
Corporate Trust Officer
COMPUTERSHARE TRUST COMPANY OF
CANADA, as SSL/Hedger Security Trustee (as such
term is defined in the Common Terms and
Intercreditor Agreement)
By: Signed (Jonathan Champoux Cadoche)
Name: Jonathan Champoux Cadoche
Title: Gestionnaire fiduciaire
Corporate Trust Officer
By: Signed (Nathalie Gagnon)
Name: Nathalie Gagnon
Title: Gestionnaire fiduciaire
Corporate Trust Officer
COMPUTERSHARE TRUST COMPANY OF
CANADA, as Stream Security Trustee (as such term
is defined in the Common Terms and Intercreditor
Agreement)
By: Signed (Jonathan Champoux Cadoche)
Name: Jonathan Champoux Cadoche
Title: Gestionnaire fiduciaire
Corporate Trust Officer
By: Signed (Nathalie Gagnon)
Name: Nathalie Gagnon
Title: Gestionnaire fiduciaire
Corporate Trust Officer
SCHEDULE A
See attached.
CONSENTEMENT ET INTERVENTION
À : VENTES ET MARKETING FCDC INC.
LES DIAMANTS STORNOWAY (CANADA) INC.
SOCIÉTÉ DE DIAMANT STORNOWAY
LES MINES ASHTON DU CANADA INC.
(collectivement, les « Débiteurs »)
ET À : SOCIÉTÉ DE FIDUCIE COMPUTERSHARE DU CANADA, en sa capacité de
Stream Agent
(le « Mandataire des Acheteurs »)
ET À : SOCIÉTÉ DE FIDUCIE COMPUTERSHARE DU CANADA, en sa capacité de
SSL/Hedger Security Trustee
(le « Mandataire des sûretés SSL/Hedger »)
ET À : SOCIÉTÉ DE FIDUCIE COMPUTERSHARE DU CANADA, en sa capacité de
Stream Security Trustee
(le « Mandataire des sûretés des Acheteurs »)
ET À : DIAQUEM INC.
OSISKO GOLD ROYALTIES LTD
TRIPLE FLAG MINING FINANCE BERMUDA LTD.
ALBION EXPLORATION FUND, LLC
WASHINGTON STATE INVESTMENT BOARD
(collectivement, les « Prêteurs relais »)
ATTENDU QUE les Débiteurs, les Prêteurs relais, le Mandataire des Acheteurs, le Mandataire
des sûretés SSL/Hedger. et le Mandataires des sûretés des Acheteurs (collectivement, les « Parties »)
ont convenu de signer une convention d’amendements à la convention de prêt relais (Bridge Financing
Agreement) en date des présentes (la « Convention d’Amendements »);
ATTENDU QUE les Débiteurs se sont engagés à préparer la version française de la Convention
d’Amendements (la « Version française ») et à la remettre aux Parties au plus tard 30 jours suivant la
signature version anglaise de la Convention d’Amendements (la « Version anglaise »), le tout tel que
décrit plus en détail à l’article 8 de la Convention d’Amendements; et
ATTENDU QUE le soussigné et les Parties signeront la Version française dès qu’elle sera
disponible.
PAR CONSÉQUENT, le soussigné convient de ce qui suit :
1. Consentement et intervention.
Le soussigné consent à ce que les Parties concluent la Convention d’Amendements.
Par les présentes, le soussigné accepte et prend l’engagement en faveur des Parties d’être lié par la
Convention d’Amendements à compter de la date des présentes et d’exécuter les obligations qui lui
incombent aux termes de la Convention d’Amendements.
Malgré les références au soussigné dans la Convention d’Amendements, le soussigné n’a pas signé la
Version anglaise de la Convention d’Amendements. Le soussigné signera la Version française, laquelle,
une fois signée, aura l’effet indiqué à l’article 8 de la Convention d’Amendements.
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2. Invalidité des dispositions
Si l’une des dispositions du présent consentement et intervention était invalide, illégale ou inexécutoire à
quelque égard que ce soit, la validité, la légalité ou le caractère exécutoire de la Convention
d’Amendements, ou des dispositions restantes des présentes, ne seraient en aucun cas touchés ou
diminués.
3. Droit applicable
Le présent consentement et intervention sera régi, interprété et exécuté conformément aux lois de la
province du Québec et aux lois du Canada qui s’y appliquent.
[la page de signature suit]
Page de signature – Consentement et intervention – CDPQ
EN FOI DE QUOI, le soussigné a signé le présent consentement et intervention le 13 août 2019.
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Par : Signed (Authorized Signatory)
Nom :
Titre :
Par :
Nom :
Titre :
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information
