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Diamond & Specialty Minerals Summary for July 9, 2024

2024-07-09 17:43 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a weak 65-96-149 as the TSX Venture Exchange fell two points to 575. Dean Taylor's Diamcor Mining Inc. (DMI) fell one-half cent to four cents on 160,000 shares. The company has closed a second and final tranche of the $1.5-million placement it launched in early May. Diamcor closed a first tranche in early June, selling 28.12 million shares at five cents and raising $1.4-million -- sufficiently successful that the company upped the placement target to $2.5-million. Late last week, Diamcor said it had sold another 12 million shares, raising a further $600,000, bringing the final haul to just over $2-million.

And so, the placement closed oversubscribed based on the original plan but undersubscribed based on the inflated target proposed in early June. Either way, it is worth noting that of the 40.13 million shares sold, insiders and larger shareholders purchased 27.5 million of them, accounting for $1.38-million of the cash raised. The buyers included Mr. Taylor, chairman and chief executive officer, who bought six million shares, director Wayne Howard, who bought four million, director Darren Vucurevich, who purchased one million shares, and office administrator Mark Smith, who also bought one million shares.

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