18:25:30 EDT Fri 31 Mar 2023
Enter Symbol
or Name

Login ID:

Diamond & Specialty Minerals Summary for March 14, 2023

2023-03-14 20:51 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a lacklustre 75-85-150 as the TSX Venture Exchange rose three points to 611. Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR) closed unchanged at seven cents on 88,000 shares. Mr. Thomas, chairman, and Mr. Armstrong, president and chief executive officer, are calling upon a long-time associate to resurrect their company's Loki diamond project, south of Lac de Gras in the Northwest Territories.

North Arrow has sold a 0.5-per-cent royalty on the project to Umgeni Holdings International Ltd., a private company owned by Dr. Christopher Jennings, for $374,000. Mr. Jennings, who is also a North Arrow director, previously bought royalties covering Loki such that Umgeni now holds a 2.5-per-cent royalty. Umgeni first acquired a 1.5-per-cent royalty in 2016 for $800,000 in cash, and three years later it upped the royalty to 2 per cent with a $266,000 payment. And so, it seems, both North Arrow and Dr. Jennings have an improved valuation of Loki, despite the modest results over the years.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2023 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.