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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a 60-60-137 draw. The TSX Venture Exchange added seven points to 781 while polished diamond prices inched higher. Mountain Province Diamonds Inc. (MPVD) lost 11 cents to $3.69 on 503,000 shares, amid worries about diamond revenues from its Gahcho Kue mine.

Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR), unchanged at 23.5 cents on 22,000 shares, is seeking $5-million to work its Canadian diamond projects. The company will get most of the cash, as Ross Beaty and Electrum Strategic Opportunities Fund LP have each agreed to buy $2-million of the stock. (North Arrow is offering 20 million shares at 25 cents, and each of the major participants will get eight million shares.) Further, as each share comes with a warrant exercisable at 40 cents over a three-year period, they could end up holding 16 million shares each.

Electrum Strategic is a major investor in junior explorers, but North Arrow may be its first investment in a diamond company. Mr. Beaty is gambling big on a small diamond explorer, but he is a wealthy fellow. He sold his stake in Lumina Copper Corp. in the summer of 2014 for $100-million, as a part of a $470-million takeover by First Quantum Minerals Inc. (FM: $11.83).

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