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Diamond & Specialty Minerals Summary for March 11, 2024

2024-03-11 18:46 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a so-so 84-97-129 as the TSX Venture Exchange slid 18 points to 557. The fight for control of two-cent Search Minerals Inc. (SMY) continues. Joseph Lanzon, leader of a group of self-proclaimed "concerned shareholders" has (again) formally requested the company hold its now overdue annual general meeting. The company now has three weeks from March 4 to set a date for the gathering, otherwise, Mr. Lauzon says, his group will "call the meeting themselves on the earliest possible date."

In October, when Mr. Lanzon first surfaced with his complaints against the company, he represented a group holding 6.38 per cent of Search's 417 million shares. Now, his band of grumpy shareholders has swelled to include holders of 15.2 per cent of the company's shares. Mr. Lanzon first formally requested a meeting in his October epistle to his fellow shareholders, and in early November he wrote again, noting that Search's management had missed the three-week deadline to call the meeting.

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