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Diamond & Specialty Minerals Summary for June 10, 2020

2020-06-10 20:00 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a positive 84-68-148 as the TSX Venture Exchange rose two points to 567. Bluebird Battery Metals Inc. (BATT) gained 1.5 cents to 18.5 cents on 7.13 million shares. The company is offering 16.67 million shares at 15 cents, seeking $2.5-million for exploration at Canegrass in Australia.

Bondholders who put up $550-million (U.S.) for the $1.2-billion (U.S.) acquisition of Dominion Diamond Corp. by Dennis Washington's Washington Group of companies in the fall of 2017 have expressed their displeasure with Dominion's move for bankruptcy protection, and worse, Washington Group's stalking-horse bid to rescue Dominion but leave the bondholders with nothing.

While Dominion put its Ekati mine on care and maintenance in March because of the COVID-19 pandemic, it has been facing monthly cash calls to meet operating expenses at its 40-per-cent-owned Diavik mine. Further, it has been unable to sell its rough as the pandemic has closed the company's usual sales pipeline. With an April cash call looming and an interest payment on the bonds and other big bills due, Dominion sought court protection through the Companies' Creditors Arrangement Act (CCAA), stating that it was unable to meet its obligations until the situation improved.

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