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 Wednesday was a so-so 67-93-150 as the TSX Venture Exchange fell eight points to 533. Chuck Fipke's Metalex Ventures Ltd. (MTX) lost one-half cent to 1.5 cents on 400,000 shares. The company has not done much of anything of late -- and so neither has its stock.

Terry Tucker's Southstone Minerals Ltd. (SML), last at one cent when it was halted late in 2023 pending a long-since-failed acquisition, is back with another plan. The company has agreed to acquire Singapore-based Afrium Energy Ltd., which is exploring its Lekobolo project in Botswana for uranium. To acquire the private Afrium, Southstone must issue 20 million shares to its owners and grant them a 2.5-per-cent royalty. Afrium's owners are led by Julien Balkany, its chairman and major shareholder, and by Marc Senges, its chief executive officer.

Concurrently with the acquisition, which would give Afrium's shareholders 36 per cent of the expanded Southstone, Mr. Tucker and his crew are planning a $2.25-million private placement. The terms of the offering will not be set until Southstone returns to trading, but logic suggests that a hefty number of new shares would be issued if the offering proceeds and is fully subscribed. And so, Southstone opines, "it is expected that no one shareholder will own more than 20 per cent of Southstone upon conclusion of the transactions."

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