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by Will Purcell
The diamond and specialty minerals stocks box score for Monday was a weak 66-93-120. The TSX Venture Exchange rose six points to 802 while polished diamond prices fell slightly. Chuck Fipke's Metalex Ventures Ltd. (MTX) dropped one-half cent to five cents on 196,000 shares. Metalex touts its efforts to reach a deal with the locals and finance a big bulk sample of the U2 pipe in Ontario but is getting nowhere.
Richard Silas's halted Consolidated Westview Resource Corp. (CWS.H: $0.395) is doubling its proposed private placement ahead of a reverse takeover of Bruce Counts's Lithoquest Diamonds Inc. Consolidated Westview had agreed to sell nine million shares at 27 cents as a condition of the merger, which would add $2.43-million in cash to the company's treasury. Now the company says that it is planning to sell nearly 19 million shares for a total of $5.12-million. Mr. Silas, the company's president and chief executive officer for now, says that the cash is mainly for initial exploration on Lithoquest's North Kimberley diamond project, near the northern coast of Western Australia, and for working capital. (Once the reverse takeover is complete, Mr. Counts will replace Mr. Silas as president and CEO and the company will become Lithoquest Diamonds Inc.)
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