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Diamond & Specialty Minerals Summary for Dec. 6, 2021

2021-12-06 20:43 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a poor 64-109-127 as the TSX Venture Exchange fell early in the session but ended the day up fractionally to 897.70 points while polished diamond prices rose another 0.1 per cent.

Tom MacNeill's sputtering Saskatchewan investment company, 49 North Resources Inc. (FNR) closed unchanged at 2.5 cents on 1.43 million shares. The company has gotten what it was looking for in a recent financing, although investors likely had higher hopes -- higher in the share-price sense. Mr. MacNeill and his crew launched a rights offering at the start of fall, offering shareholders the chance to acquire one share and an attached warrant for each share they owned, all at the lowly price of two cents per share.

The company's stock had been bumbling along since spring at about six cents per share, but the offering sent it into a tailspin. Late last month, a share could be had in the market for that same price, just as the offering was about to close. That closing is now official: 49 North issued all 83.12 million shares that were available, adding $1.66-million to its coffers. (Shareholders bought 63.7 million shares they were entitled to; the other 19.4 million not picked up were prorated among those who subscribed for an additional 56.2 million shares.)

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