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by Will Purcell
The diamond and specialty minerals stocks box score on Tuesday was a mediocre 67-87-146 as the TSX Venture Exchange lost three points to 628 while polished diamond prices inched lower. Dermot Desmond's beleaguered Canadian diamond miner, Mountain Province Diamonds Inc. (MPVD) set another nine-year low of $1.08 before ending the day down one cent to $1.13 on 363,000 shares.
Boris Kamstra's Alphamin Resources Corp. (AFM), down one cent to 25 cents on 83,000 shares, has sold 79.8 million shares at 20 cents, raising $15.96-million for further construction costs at its Bisie tin mine in the eastern Democratic Republic of the Congo. The price was right, as Alphamin's stock had been trading near 25 cents for the past year, dipping only briefly to 20 cents on word of the proposed placement in mid-March.
Alphamin arranged the placement after Mr. Kamstra, president and chief executive officer, revealed that cash was needed to address an "anticipated working capital shortfall" -- a promoter's way of acknowledging that his project was behind schedule and over budget. He had first attempted to seek a $16-million "working capital facility" -- banker-speak for higher-risk and higher-interest debt. Mr. Kamstra deemed that move to be prudent, but as it turned out, its bankers did not: hence the not-so-prudent, cut-rate equity sale.
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