22:24:20 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Diamonds & Specialty Minerals Summary for Feb. 9, 2015

2015-02-09 20:44 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a mediocre 50-48-154. The TSX Venture Exchange gained two points to 696 while polished diamond prices inched lower. Matt Manson's Stornoway Diamond Corp. (SWY) continued its rally, gaining four cents to 65 cents on 1.63 million shares. Stornoway's big Renard diamond mine in Quebec is on schedule and within budget, but Mr. Manson may need promotable news before it is complete two years from now. Fortunately, Renard has plenty of other carats to promote. Don Bubar's Avalon Rare Metals Inc. (AVL) gained 2.5 cents to 26.5 cents on 1.75 million shares. The company has an advanced project, Nechalacho, but it will need $1.6-billion to build a mine, even with its scaled-back plan. As a result Mr. Bubar has been touting a secondary project, East Kemptville in Nova Scotia.

Patrick Evans's Kennady Diamonds Inc. (KDI) fell 22 cents to $3.93 on 19,000 shares on word it will raise $20-million for its Kennady North diamond project, 10 kilometres northeast of Gahcho Kue in the Northwest Territories. The company is offering regular shares at $3.55 and flow-through shares at $5. The market seemed to get wind of the plan two weeks ago, as Kennady's stock, which had been trading near the $5 mark since early fall, inexplicably fell $1.23 over a four-day period. (The slide bottomed at $3.55 on Jan. 30.) Switzerland-based Dermot Desmond, an Irish billionaire affectionately called one of the "Three Irish Guys" by the company's retail shareholders, plans to buy an unspecified number of shares in the placement. (The other two Irishmen, Desmond Sharkey and Harry Dobson -- who actually is from Scotland -- matter little as long as Mr. Desmond continues to back Mr. Evans in a big way. At last report he owned 7.4 million of Kennady's 24 million shares.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed