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Diamond & Specialty Minerals Summary for Jan. 11, 2021

2021-01-11 20:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a weak 85-116-99 as the TSX Venture Exchange lost 11 points to 885 while polished diamond prices were flat. Don Bubar's Avalon Advanced Materials Inc. (AVL), a busy trader for the past week despite no material news, slipped 1.5 cents to 11.5 cents on 2.99 million shares.

Chuck Fipke's Metalex Ventures Ltd. (MTX), a perennial three-center that struggled to a 12-cent high to start 2021, is taking advantage of its best run in nearly six years. Metalex, down one-half cent to 8.5 cents on 45,000 shares today, has been sprucing up a balance sheet that showed a teetering current account imbalance of over $4-million at the end of October. The company has taken care of much of that debt, settling the $2.75-million that it owed Mr. Fipke by issuing 32.35 million shares at 8.5 cents.

Over the past month Metalex has also been lurching toward its goal of raising $3-million, having sold 18 million flow-through shares at 8.5 cents and 5.4 million regular shares at seven cents, although it has taken three tranches to bring in that $1.9-million. (The company initially wanted just $1.2-million in mid-December, but less than a week later, Mr. Fipke, chairman and majority owner, more than doubled his target.)

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