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Diamond & Specialty Minerals Summary for May 6, 2016

2016-05-06 20:47 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a solid 64-47-147. The TSX Venture Exchange gained 11 points to 668 while polished diamond prices inched upward. Simon Tam's Gem International Resources Inc. (GI) closed up 2.5 cents to seven cents on 2.81 million shares. There was no news to account for the sudden interest is what has been a thin trader.

For the first time in memory, a private placement by Dr. Ray Davies's Talmora Diamond Inc. (TAI: $0.01) has closed oversubscribed. Dr. Davies has set out spring after spring to raise significant sums of cash, only to rake in just a small fraction of the amount. He brought in the usual amount of cash -- $82,000 -- again this year, but this time he had set out to raise a pittance -- just $60,000. (Talmora sold 4.1 million shares at four cents.) Dr. Davies, who still muses about $4-million drill programs on Talmora's big Horton River property north of Great Bear Lake, and about spending several millions more on bulk samples, says all the cash raised will be "applied to the administration of the company as a going concern." This is important he says, so Talmora will be in a position to finance his big drill plans when the market turns. Unfortunately, while the market has taken more turns than a cross-eyed cow since Dr. Davies founded Talmora in 2007, the company's largest placement raised less than $500,000.

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