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by Will Purcell
The diamond and specialty minerals stocks box score for Friday was a so-so 71-66-146. The TSX Venture Exchange fell fractionally to 775 while polished diamond prices edged lower. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) dropped 18 cents to $3.18 on 159,000 shares. While the company's diamond values at Gahcho Kue continue disappointing, its grades remain strong, so the company is planning to start paying dividends this summer.
Andrew Lee Smith's True North Gems Inc. (TGX), unchanged at one-half cent on 51,000 shares Thursday, intends to pursue opportunities in the resource sector while it wait for the bankruptcy proceedings for its majority-owned subsidiary, True North Gems Greenland (TNGG), to wrap up and a possible settlement amount to be offered. Mr. Smith, interim chief executive officer, does not have a confirmed date for when the bankruptcy will conclude, but in the meantime, he is planning a 1:10 rollback and a $400,000 private placement. The consolidation would leave True North with just over 30 million shares outstanding and a five-cent stock. With a working capital deficiency topping $5-million, the company's stock will probably resume its decline.
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