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Diamond & Specialty Minerals Summary for Aug. 27, 2020

2020-08-27 19:54 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a middling 81-87-132 as the TSX Venture Exchange rose two points to 731 and polished diamond prices edged higher. Chuck Fipke's Metalex Ventures Ltd. (MTX), down 1.5 cents to 4.5 cents on 6,000 shares yesterday, briefly reclaimed them today but closed unchanged at 4.5 cents on 23,000 shares. Poor, forgotten Metalex was a $5 stock in 2002 -- $56 after considering a 1:10 rollback -- suggesting that not everything that Mr. Fipke touches throws off a sparkle.

The deadline is fast approaching for prospective bidders to make an offer for Dominion Diamond Mines Ltd. under the terms of the sale and investment solicitation process governed by the Companies' Creditors Arrangement Act. Dominion was taken private in 2017 by Montana billionaire, Dennis Washington, through an $18-per-share buyout that valued the company at $1.6-billion. Mr. Washington covered about half of that sum through a $550-million (U.S.) bond issue, which he then leveraged -- dumped -- onto Dominion's books.

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