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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a so-so 65-66-179 as the TSX Venture Exchange rose four points to 631. Guy Bourassa's Scandium Canada Ltd. (SCD) was unchanged at 1.5 cents on 146,000 shares. The company arranged a placement of $750,000 of 10-per-cent unsecured convertible debentures a month ago. This week, it said that it was tweaking the terms of the sale. The conversion aspect has been scrapped and instead the buyers will get bonus shares at a deemed price of 1.5 cents per share, equal to 20 per cent of the principal. Up to 10 million shares will be issued as a result. About two-thirds of the cash is for administrative purposes, while the rest will be used to develop aluminum-scandium powder.

Mr. Bourassa, chief executive officer, is doggedly working the Crater Lake scandium project in Quebec. Its TG deposit hosts a resource of 11.8 million tonnes indicated at 276 grams of scandium and 1,441 grams of key rare earth elements per tonne. Another 15.9 million tonnes are inferred at comparable grades. Crater Lake was a solo scandium promotion earlier, but the demand for aluminum-scandium alloys has not surged ahead of supply as expected. And so, the company is also touting dysprosium, lanthanum, neodymium, praseodymium and terbium -- key rare earth elements with strong demand and limited supply -- to bolster the story.

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