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by Will Purcell

The critical and specialty minerals stocks box score on Monday was a mediocre 129-67-114 as the TSX Venture Exchange surged 39 points to 1,091. (Believe it or not, it was higher five years ago.) Adam Lundin and Dr. William Lamb's Lucara Diamond Corp. (LUC) dropped its other shoe Friday, revealing that it is seeking a big pot of cash to tide it over until the underground expansion of its Karowe mine in Botswana is complete and in production by mid-2028.

It could have been worse, the market seemed to think: Lucara added 1.5 cents Friday, closing at 21.5 cents on 2.17 million shares. Still, it is hard to imagine a bleaker scenario, as the company is offering 437.5 million shares at 16 cents to raise $70-million. Further, Dr. Lamb, president and chief executive officer, says those numbers represent the minimum for the offering, and since the company currently has 456 million shares outstanding, the placement looks to dilute its current shareholders by about one-half.

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