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Diamond & Specialty Minerals Summary for June 17, 2019

2019-06-17 20:07 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a weak 59-84-157 as the TSX Venture Exchange fell three points to 584. Rough diamond prices dropped 0.14 per cent over the past week, says Paul Zimnisky's weekly global rough diamond price index. The index is off 7.2 per cent this year and 14.4 per cent over the past five years, but it is 0.76 per cent higher than it was six months ago. Patrick Power's Arctic Star Exploration Corp. (ADD) dropped another one-half cent to 4.5 cents on 549,000 shares. The company has no news -- a part of the problem -- but it hopes to test kimberlite targets at Timantti in Finland.

Craig Taylor's Defense Metals Corp. (DEFN), down two cents to 17 cents on 55,000 shares, has sold 3.76 million shares at 15 cents and 2.66 million flow-through shares at 20 cents, raising $1.09-million. The new cash, says Mr. Taylor, president and chief executive officer, is for work on the company's Wicheeda rare earth project in British Columbia, and for working capital. The placement closed slightly oversubscribed; the company set out late in May to sell 3.33 million regular shares and 2.5 million flow-through shares. (Defense Metals says that one unnamed director participated in the placement. While his identity is not yet known, a likely candidate is Maximilian Sali, who owned over 1.5 million shares at last report. Mr. Sali the company's founder, had also been president and CEO until Mr. Taylor replaced him in April.)

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