This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a dreary 66-88-156 as the TSX Venture Exchange rose three points to 552. Terry Tucker's Southstone Minerals Ltd. (SML: $0.01) has called off its acquisition of the remaining 90-per-cent interest in Singapore-based Padstone Pte. Ltd., which owns alluvial and kimberlite diamond exploration permits in Guyana. Further, the company has agreed to transfer its 10-per-cent interest in Padstone to that company's other shareholders. Southstone revealed the planned acquisition early this year, a transaction that saw the company's stock halted. (There is no word yet on when trading might resume.)

No, Southstone is not in line for a significant payment for that 10-per-cent interest. The company acquired it in early 2023, but it carried the 1,152 Padstone shares at just $12 on its books, implying a cost of just one cent per share. (The other 10,368 Padstone shares that were to be acquired would have cost Southstone 15.5 million of its shares and up to $200,000 (U.S.) in cash -- up to $420,000 in all, which would work out to about $40 per Padstone share.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS