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Diamond & Specialty Minerals Summary for April 2, 2019

2019-04-02 18:34 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a so-so 73-77-150 as the TSX Venture Exchange fell fractionally to 625 and polished diamond prices fell 0.1 per cent. Stornoway Diamond Corp. (SWY) closed unchanged at 10 cents on 3.26 million shares on word that BMO Nesbitt Burns analyst, Edward Sterck, has cut his rating to "underperform" from "market perform." It is more of a hindcast than a forecast, as Stornoway's stock had already underperformed its way from a 2016 high of $1.34 to a recent low of nine cents.

Patrick Power's Arctic Star Exploration Corp. (ADD), unchanged at 8.5 cents on 1.09 million shares, has sold another 11.76 million five-cent shares in a second and final tranche of its planned $600,000 placement. The company had sold 5.84 million shares in a first tranche in late January. Three weeks ago, when Mr. Power received an extension to the deadline, he also boosted the placement to $850,000. The final numbers show that, with 17.6 million shares sold for a total of $880,000, the placement was oversubscribed. Mr. Power, who usually manages to raise enough cash to keep his promotion creaking along, says that the money is for "development of the company's Finland project."

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