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Diamond & Specialty Minerals Summary for Nov. 24, 2022

2022-11-24 20:47 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a bright 102-67-141 as the TSX Venture Exchange rose four points to 581. Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) lost another two cents to 57 cents on 405,000 shares. The company's stock had a good run late last month, peaking just shy of 80 cents on word that it was able to restructure a big debt coming due at the end of the year, but since then it had been drifting lower.

That restructuring had the company agreeing with "certain holders" of its 8-per-cent senior-secured second-lien notes to exchange $196-million (U.S.) of the notes with new debt. (The secrecy aside, one can always be certain that Mr. Desmond, the company's major shareholder, will have a hand in the company's financial affairs. He did, as about $65.3-million (U.S.) of the new debt is being acquired by "entities ultimately beneficially owned by Mr. Desmond," Mountain Province has confirmed.)

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