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Diamond & Specialty Minerals Summary for Feb. 15, 2019

2019-02-15 20:48 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a so-so 77-82-141 as the TSX Venture Exchange gained seven points to 615 and polished diamond prices edged lower. Guy Bourassa's Nemaska Lithium Inc. (NMX), down 19.5 cents to 35.5 cents on 103 million shares Wednesday and off another 3.5 cents to 32 cents on 26 million shares Thursday, got as low as 29.5 cents today but closed unchanged at 32 cents on 27.4 million shares. The slump followed word that construction of its Whabouchi mine is way over budget.

Jim McKenzie's Ucore Rare Metals Inc. (UCU), down one-half cent to 15 cents on 445,000 shares, is pressing ahead with its acquisition of IBC Advanced Technologies Inc., an arrangement first laid out nearly three years ago that is now a point of contention. Ucore must pay $10-million (U.S.) in either cash or stock for IBC, at the discretion of each IBC shareholder. Mr. McKenzie, Ucore's president and chief executive officer, says that the "value of IBC as a strategic asset speaks for itself."

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