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by Will Purcell
The diamond and specialty minerals stocks box score for Monday was a positive 102-82-126 as the TSX Venture Exchange rose one point to 601. Ewan Mason and Ken MacNeill's Star Diamond Corp. (DIAM) was unchanged at 8.5 cents on 95,000 shares.
Star rolled out its third quarter financials late last week, seemingly reporting nothing new at first glance. What the company did reveal, however, does highlight its current predicament -- it has no clear path forward, or even a route back to where it was in the mid-2010s, the last time its mammoth diamond project in central Saskatchewan was aground and anchored by the dead weight of an uninterested partner.
There is good news: Star Diamond had $3.1-million in working capital available at the end of September, roughly $3-million of it free cash. A year earlier, the company had a $1.6-million working capital deficiency, which forced Star to top up its treasury early this year through the sale of 16.67 million shares at 30 cents. Fortunately, with its pot of cash and little to spend it on, Mr. MacNeill, president and chief executive officer, and Mr. Mason, chairman, are not under the gun to sell new shares at the company's woeful share price.
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