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Diamond & Specialty Minerals Summary for Jan. 20, 2016

2016-01-20 20:26 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a poor 25-38-172. The TSX Venture Exchange, which is running out of room between here and zero, fell another six points to 473. Polished diamond prices inched higher. Matt Manson's Stornoway Diamond Corp. (SWY) lost two cents to 69 cents on 281,000 shares. The company is pressing ahead with its Renard diamond mine in Northern Quebec.

Arnold Kondrat's Delrand Resources Ltd. (DRN.H: $.105) has sold nine million shares at eight cents, 7.1 million of them to Mr. Kondrat, the company's chief executive officer who already owned 4.8 million shares. He now owns nearly 39 per cent of the company. His share count could grow larger as a result of a second transaction. An unnamed creditor accepted $1.3-million of convertible debentures in exchange for a similar amount of debt. Mr. Kondrat has a separate deal that will allow him to buy the debentures from the creditor at par. Should he do so and then convert the debentures into stock, he would then own another 5.2 million shares.

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