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Diamond & Specialty Minerals Summary for Jan. 25, 2024

2024-01-25 18:53 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a weak 69-88-153 as the TSX Venture Exchange closed flat, unchanged at 550. Dean Taylor's Diamcor Mining Inc. (DMI) was among the unchanged, closing at 6.5 cents on 23,000 shares.

Like many a diamond mine developer, Diamcor is seeking a cash infusion. The company is looking for $2-million, but unlike most of its peers, it is not looking to sell bundles of shares at a shoestring price -- at least not immediately, and not directly. Instead, the company has arranged a convertible loan financing, and it expects "existing larger shareholders and management" to cough up $1.25-million of the cash.

The terms are attractive: The promissory notes have a two-year term, and they will pay annual interest at 15 per cent. Even so, look for plenty of new shares to hit the market. The notes can be converted at the holders' request any time at 10 cents per share, and upon maturity at the then prevailing stock price.

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