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Diamond & Specialty Minerals Summary for Aug. 28, 2023

2023-08-28 20:40 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a positive 101-82-127 as the TSX Venture Exchange rose one point to 582. Leni Keough's Olivut Resources Ltd. (OLV) closed unchanged at six cents on 80,000 shares.

Olivut has cashed up for another push -- nudge might be a better description -- on its diamond projects in the Northwest Territories. The company has sold 6.1 million new shares at five cents apiece, raising $305,000 for exploration and general corporate expenses. Ms. Keough, president and chief executive officer, padded the placement by buying one million of the shares. She was the only insider to participate and now owns about 9.3 million shares.

Gone are the days before the Great Recession, when stock promoter Pierre Lassonde would plunk down $1-million for 800,000 Olivut shares. In fact, his last buy came in 2020, when $100,000 got him 1.25 million shares, then worth eight cents apiece. Mr. Lassonde was listed in Olivut's 2023 proxy circular as the holder or controller of 8.1 million shares -- the same tally listed in the two previous years.

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