RE:Fascinating History of Voisey BayNov 17 1994 – stock price jumps from $4.65 to $8.00 overnight. Assays from discovery drill hole #2 were announced at 2.23% nickel, 1.47% copper and .123% cobalt over 33 meters.
- one month later stock price went from $9.50 to $13.50 no newfindings since hole #2.
Jan 16 1995 - hole # 6 still no signs of massive sulfides. The “Freidland factor” pushes the stock back to $11.00.
Jan 18 1995 - historic hole #7 was presented to Diamond Fields ……104m of nearly 4% nickel.
Feb 6 1995 - press release on holes #7 + 8 (#8 was 111m) the average for both #7+8 was 3.7% nickel. The stock price went to $20.
Further drilling tests were showing the ore body to be shaped like and egg shaped deep bowl, and ovoid.
March 1995 - Continued drilling of the ovoid brought in more nickel increasing the estimated size with each passing week. Stock price was $24.00 by the end of March.
April 14 1995 - Tech bought 10% of DF at $36.00 a share or $108 million sight unseen. Not one person at Tech had seen the cores at Voisey Bay. More assays are released. The stock prices rises past $40.00.
May 1 1995 - The stock price is $50.00 a share.
May 9 1995 - INCO’s geologist estimates the ovoid’s ore reserve at 25 million tons, with a 10% chance its bigger. Takeover speculation moves stock price up to $56.00
June 8 1995 - stock price continues to $80.00 a share
Aug 3 1995 - Hole # 166 pulls up 1 meter of massive sulfides, the first showing in months of drilling outside the ovoid.
Sept 21 1995 - Stock is almost at $100 and DF did a 4-1 forward split with the new shares valued at $24.00 each.
Nov 17 1995 - Hole # 202 tapped into 40m of massive sulfides, the largest section of sulfides found outside the ovoid. Early December assays for Hole # 202 showed 3.36% nickel.
Dec 12 1995 - Stock price is at $26.00 and remains range bound for months.
Feb 1996 - Drill tests indicate the ovoid has reserves of 30 million tons and there was potentially twice as much in the second ore body.
April 3 1996 - The final 4.3 billion-dollar buy out draft is signed.
Note
Based on the information in the book I estimated that Diamond Fields had approximately 100 million shares and the buy-out realized a share price of $43.00 per share or $172.00 pre-split.