Diamond & Specialty Minerals Summary for June 24, 2019
2019-06-24 19:54 ET - Market Summary
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by Will Purcell
The diamond and specialty minerals stocks box score on Monday was a so-so 82-82-131 draw as the TSX Venture Exchange slipped three points to 589 and polished diamond prices leapt 0.5 per cent. Trent Mell's First Cobalt Corp. (FCC) gained one cent to 16.5 cents on 1.84 million shares. The company has been quiet for the past month, when it touted a scoping study that suggested its refinery plan could achieve production of over 5,000 tonnes of cobalt per year, more than double its initial estimate. (The cost of doing so would be about $38-million, compared with the $30-million estimate for the initial plan.)
Laura Lee Duffett's awakening diamond explorer, Tres-Or Resources Ltd. (TRS) was down one-half cent to two cents on 544,000 shares. The company is consolidating its stock 1:10, and it will trade on that basis starting Wednesday. The rollback will shrink the company's share count to just 10.7 million shares but it will resume its upward motion soon, if all goes well, since Tres-Or is offering nearly two million regular shares at 19 cents and nearly three million flow-through shares at 23 cents, for a total of $1.05-million. (The regular shares come with a warrant exercisable at 28 cents and the flow-through shares are accompanied by one-half warrant exercisable at 40 cents. If the placement is fully subscribed and all the warrants exercised, the company's share count would nearly double.)
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lots of volume traders, no volume on these deals, are they writeup worthy? how bout the reason why CSTR had to announce no reason for stock being up, when it was as high as 25.5 cents today on 1.4 million shares, outright lie by them? or? that deserves a writeup
Posted by oh at 2019-06-24 20:14
CSTR? Cryptostar Corp? A cryptocurrency outfit?
You did notice that this is a "diamond and specialty minerals summary," right?
You probably didn't notice that First Cobalt Corp. had greater volume than Cryptostar, but no matter. I get your point. The resource sector is beaten up right now, and cryptocurrencies are hot. So hot, it seems, that the regulators have to chase "no-news news" whenever bidding for a stock gets out of hand.
Whatever happened to "buy low, sell high"?
Or this... "I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful." -- Warren Buffett
Posted by Will Purcell at 2019-06-25 10:34