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Diamond & Specialty Minerals Summary for May 7, 2024

2024-05-07 19:09 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a positive 83-76-151 as the TSX Venture Exchange gained three points to 593. Dean Taylor's Diamcor Mining Inc. (DMI) closed unchanged at 4.5 cents on 456,000 shares.

The company is offering up to 30 million new shares at five cents, seeking $1.5-million to advance its Krone-Endora at Venetia diamond project in South Africa. Major shareholders and management are expected to buy up to $1.25-million of the new shares, says Mr. Taylor, the company's founder, president and chief executive officer. With most of the stock apparently having willing buyers, he expects the placement to close in mid-May.

This is likely just the start of Diamcor's cash hunt. Mr. Taylor says -- watch for weasels! -- that he "plans to continue to advance ongoing discussions with financiers and industry-related parties on additional funding scenarios" -- scenarios that may be beneficial in further supporting the company's work at Krone-Endora and its hunt for other opportunities.

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