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Diamond & Specialty Minerals Summary for Oct. 29, 2024

2024-10-29 17:38 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was an upbeat 91-77-142 as the TSX Venture Exchange rose two points to 619. James Nelson's Cruz Battery Metals Corp. (CRUZ) closed unchanged at 4.5 cents on 156,000 shares.

The company, busy with its Solar and Clayton Valley lithium projects in Nevada, is pressing ahead with its spinout of the Hector cobalt, silver and diamond project in Northeastern Ontario. Cruz intends to transfer the 2,243-hectare property to its subsidiary, Makenita Resources Inc., shares of which it would then spin out to Cruz's shareholders. The legalese aside, Cruz shareholders will essentially gain one share of Makenita for every 10 shares of Cruz that they currently own.

Approvals are still to come, but Mr. Nelson, Cruz's president and chief executive officer, got the share and promotional spinning under way early. He cooed to his shareholders that "not only will you gain free exposure to Makenita, [but] you will still maintain 100 percent of your Cruz shares as well." That, he enthused, "is a very nice bonus for shareholders of record to receive free shares without any additional cost to them." (Perhaps, although they are not gaining an interest in any asset that they do not already hold.)

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