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by Will Purcell
The diamond and specialty minerals stocks box score on Wednesday was an upbeat 72-59-169 as the TSX Venture Exchange rose three points to 586 and polished diamond prices inched lower. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) oscillated near the $1 mark, but took a hit in the last few minutes, dropping nine cents to 91 cents on 391,000 shares.
Graham Warren and Dr. Leon Daniels's Pangolin Diamonds Corp. (PAN), down one-half cent to 5.5 cents on 279,000 shares, has sold 16.98 million shares at five cents, raising nearly $850,000. It is not clear how much cash the company has been seeking, but Mr. Warren, chief financial officer and the buyer of 600,000 of the shares, says the placement was oversubscribed. The rest of the stock went to retail and institutional buyers in Canada and the United Kingdom, he says. There is no word of other insiders participating, but the company says that its management and advisers continue to hold over 35 per cent of Pangolin's stock.
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