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by Will Purcell
The diamond and specialty minerals stocks box score on Thursday was a terrible 45-158-107 as the TSX Venture Exchange crashed 33 points to 667 while polished diamond prices inched downward. James Bruchs's Tsodilo Resources Ltd. (TSD) ground to a halt Friday, dropping three cents to 51 cents on 21,000 shares, a halt made formal on Wednesday.
The company's accountants are beavering away on the annual financials, now overdue. Tsodilo was to have filed the audited reports on May 2, 2022, but Mr. Bruchs, president and chief executive officer, says that the documents are expected before the end of the month. Mr. Bruchs had hoped to mollify the regulators in the meantime through a management cease trade order, but the Ontario Securities Commission rejected the idea because Tsodilo's stock is thinly traded in Canada.
Instead, Tsodilo was halted effective Wednesday, and the company will issue bi-weekly default status reports -- akin to a town crier wailing "three o'clock and all's well" even though there are troubling events afoot. Mr. Bruchs kicked off the crying late last week, noting that there are no other defaults now, nor any that are anticipated, the company is not in bankruptcy and there is no undisclosed material information. (While not embroiled in bankruptcy proceedings, Mr. Bruchs and his crew will have to soon address Tsodilo's working capital deficiency, which topped $1.4-million (U.S.) at the end of September.)
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