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by Will Purcell
The diamond and specialty minerals stocks box score on Monday was a bleak 52-82-160 as the TSX Venture Exchange rose one point to 588. Rough diamond prices continue to sag and are now down over 9 per cent from a year ago. The good news is that prices are up nearly 60 per cent over the past decade, but 10 years ago the diamond market was struggling to avert total collapse amid the Great Recession. The economy is much better these days; the diamond sector, not so much.
Dean Taylor's Diamcor Mining Inc. (DMI), down 1.5 cents to 13.5 cents on 54,000 shares, intends to borrow up to $1-million in support of work at its Krone-Endora at Venetia diamond project in South Africa. The unsecured one-year term loan will pay interest at seven per cent and the lenders will also receive a total of 1.2 million shares and 600,000 warrants as an additional sweetener.
Mr. Taylor, president and chief executive officer, says that Diamcor already has a commitment from a major shareholder to provide up to $500,000 of the loan. (Diamcor's shares appear widely held: No one shareholder claims to hold more than 10 per cent of the company's stock and the two insiders with the largest holdings, Mr. Taylor and Sheldon Nelson, own just 1.4 million and 1.1 million shares respectively.)
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