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By Stockwatch Business Reporter
The TSX Venture Exchange lost 9.49 points to 792.98 Wednesday. Peter Hinam's suspended capital pool shell, Turquoise Capital Corp. (TQC), has received conditional TSX-V approval for its qualifying transaction. The shell plans to acquire Matthew Wood and Brian McMaster's Brazilian diamond explorer, Five Star Diamonds Ltd. Turquoise, which has 4,012,000 shares issued, will issue 62,854,666 shares to Five Star's shareholders. Before the QT can close, Turquoise must sell a $4-million private placement of 13,333,333 shares at 30 cents. (When the deal was first announced in September, the financing requirement was only $500,000.) The resulting issuer will use the proceeds for exploration and working capital.
Five Star owns the 1,999-hectare Catalao diamond project in Goias, Brazil. It has already built a pilot plant, and it expects to complete a feasibility study in the second quarter. Five Star also owns 21 other Brazilian diamond projects, which cover a combined 120,000 hectares.
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