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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a terrible 41-130-139 as the TSX Venture Exchange fell 13 points to 950. Dr. Michael Gunning's VR Resources Ltd. (VRR), which has been bouncing off its 1.5-cent low for the past month, and which was unchanged at two cents on 68,000 shares today, appears to be retooling ahead of a new promotional push. What it intends to push, while still not certain, is unlikely to involve Ontario diamonds.

The company says it "initially intends to raise up to $1.5-million" by selling 15 million shares at 10 cents apiece. "Up to" would be the operative qualifier given that VR's shares last traded near a dime more than a year ago, but there is another move afoot that will ease the challenge. Dr. Gunning, chairman, says that the company plans to consolidate its stock 1:5 before the placement closes, so essentially, VR Resources is selling 150 million preconsolidated shares at two cents each. (The rollback is conditional upon confirmation that the placement will close, and the usual approvals.)

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