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by Will Purcell
The diamond and specialty minerals stocks box score on Monday was a so-so 76-81-144 as the TSX Venture Exchange rose fractionally to 623 and polished diamond prices were flat. Michel Fontaine and Andre Audet's Albert Mining Inc. (AIIM), a four-center 10 days ago, added another 3.5 cents to 13 cents on 17.96 million shares. The company had no explanation for the surge in buying, but today, Mr. Audet stepped down as chairman, effective immediately.
Andrew Lee Smith and Glen Macdonald's True North Gems Inc. (TGX), up 2.5 cents to 15 cents on 1,000 shares, has sold 10 million shares at 7.5 cents, raising the $750,000 it had been seeking. The cash, says Mr. Smith, interim chief executive officer, and Mr. Macdonald, a director, is for "working capital, general corporate purposes and resource exploration purposes." There is a pressing need for cash for working capital and general purposes, assuming True North intends to settle its $5.4-million working capital deficiency without resort to a pennies-on-the-dollar arrangement, but the company has no active exploration projects requiring cash.
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