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Diamond & Specialty Minerals Summary for Feb. 3, 2025

2025-02-03 18:01 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a mediocre 79-89-142 as the TSX Venture Exchange fell three points to 620. Ewan Mason and George Read's Star Diamond Corp. (DIAM) closed unchanged at 3.5 cents on 240,000 shares. The current share price is a marked improvement over the one sad cent at which over seven million shares traded late last year -- just do not point that out to the fellow who paid $8.70 per share for a 50,000-share block in 2007. (That buy cost $435,000 -- enough for 43.5 million shares at a penny apiece.)

Not to worry, the gloom and doom of 2024 has given way to a slightly more optimistic 2025, as Mr. Mason, president and chief executive officer, beavers away at solving Star Diamond's short-term cash woes. Better yet, he is looking for cash to get a prefeasibility study of the Fort a la Corne diamond project in central Saskatchewan under way once more.

Early in January, Mr. Mason said that Star was offering up to $500,000 in convertible promissory notes -- the option of selling stock at a penny apiece looking most unattractive. The terms of the notes were favourable to the company -- an interest rate of just 8 per cent for instance -- as the target audience of the offering appears to be those covered by the usual prospectus exemptions: accredited investors, family, friends and business associates.

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