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Diamonds Summary
Symbol C : *MKTDIAM
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Diamond & Specialty Minerals Summary for Jan. 3, 2019

2019-01-03 21:12 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was an upbeat 84-68-142. The TSX Venture Exchange added seven points to 578 while polished diamond prices were flat. Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) slipped another two cents to $1.41 on 488,000 shares. The company has been silent since November, when it declared a 2.5-cent quarterly dividend. The dividend rate is unchanged, but investors probably recall the 45-cent special dividend the company paid in 2016, after it had recovered two huge and exceptional diamonds. Unfortunately, there have been none since then.

Andrew Lee Smith and Glen MacDonald's True North Gems Inc. (TGX) lost 1.5 cents to one cent on Wednesday and went untraded today. The company has been hovering near insolvency since its majority-owned subsidiary, True North Gems Greenland Inc., went into voluntary bankruptcy in 2016. True North is offering 10 million shares at a postconsolidated 7.5 cents. This is the company's way of alerting investors that it is planning its second 1:10 rollback in three months. The first, in October, boosted the company's share price from one-half cent to five cents, but it is well on its way back. The company, which had over 300 million shares outstanding at the start of October, will soon have just 3.5 million shares.

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