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Diamond & Specialty Minerals Summary for Feb. 22, 2024

2024-02-22 18:56 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a weak 65-97-148 as the TSX Venture Exchange added three points to 553. Wes Roberts's -- and soon to be Ken Johnson's -- Golden Share Resources Corp. (GSH), halted over a year ago at 4.5 cents, is edging closer to completing its reverse takeover of Mr. Johnson's Brazil-based Lipari Diamond Mines Ltd. According to the terms of the deal, Lipari's shareholders get nearly 2.22 shares for each of their Lipari shares. (The accountants and lawyers are sticklers for precision -- the full exchange rate has nine significant digits -- one more than the full count of Golden's shares outstanding.)

As expected, one key condition is causing the delay. Lipari planned to complete a placement of up to $34-million, with a minimum set at $21-million. That minimum was set to "meet applicable listing requirements" and to provide for adequate exploration programs on Lipari's two main projects, Tchitengo in Angola and Brauna in Brazil. Unfortunately, Lipari was only able to sell $3-million of new shares by the end of 2023, with those shares going to two of Lipari's shareholders.

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