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by Will Purcell
The diamond and specialty minerals stocks box score for Monday was a ho-hum 92-88-99. The TSX Venture Exchange fell one point to 787 while polished diamond prices dropped 0.2 per cent. Ken MacNeill and George Read's perpetual but now eerily quiet Saskatchewan diamond promotion, Shore Gold Inc. (SGF) closed unchanged at 16.5 cents on 1.19 million shares. The stock is bucking a receding tide driven by tax-loss selling and a lack of news. Shore and its Star-Orion South partner, Rio Tinto PLC, should have plenty of news next year when they complete a bulk test on the project.
Dermot Desmond and David Whittle's Mountain Province Diamonds Inc. (MPVD), unchanged at $3.50 on 155,000 shares, has priced its replacement debt financing, and Moody's Investors Service has rated the company's new debt. Mountain Province said a week ago that it would sell $325-million (U.S.) of senior secured second lien notes that would come due in 2022. On Friday, the company said that it would sell the notes, now increased to a total of $330-million (U.S.), at 97.992 per cent of the aggregate principal amount. It also revealed that the notes would carry an annual interest rate of 8 per cent, payable semi-annually in arrears.
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