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by Will Purcell
The diamond and specialty minerals stocks box score for Monday was a weak 75-111-105. The TSX Venture Exchange fell 11 points to 879 while polished diamond prices rose 0.1 per cent. Lukas Lundin and Dr. William Lamb's Lucara Diamond Corp. (LUC) gained three cents to $2.54 on 412,000 shares. Lucara has been quiet for the past few months, but it continues to do well at its Karowe mine in Botswana.
Dermot Desmond and David Whittle's Mountain Province Diamonds Inc. (MPVD) slid 15 cents to $3.40 on 1.38 million shares on word that it plans to acquire Mr. Desmond and Dr. Rory Moore's Kennady Diamonds Inc. (KDI) through a friendly merger. Kennady jumped 45 cents to $3.20 on 690,000 shares on the news, since Mountain Province is offering 0.975 of a share for each Kennady share in the stock transaction, a 26-per-cent premium to Friday's close.
Mountain Province is also buying four million Kennady shares at $2.50 per share in a concurrent transaction, providingcash that will tide Kennady over while the arrangement is completed.The merger will give Mountain Province, which owns a 49-per-cent interest in the Gahcho Kue mine, 250 kilometres northeast of Yellowknife, a 100-per-cent interest in the Kennady North project, just north of Gahcho Kue. Kennady's shareholders will account for 24 per cent of the shares issued by the expanded Mountain Province once the deal closes.
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