It is back to the drawing board for Yari Nieken and his currently dead-in-the-water Margaret
Lake Diamonds Inc. (DIA). Margaret Lake, last at 16 cents when it was halted in the
midsummer of 2023 pending a reverse takeover, says that the proposed arrangement with
Emerging Goldfields Resources Ltd. has been killed off. The termination of the
arrangement, initially proposed late last year, "follows a reassessment of strategic
objectives" by both Margaret Lake and Emerging Goldfields. (In other words, they were
unable to get required approvals.)
Not to worry, say Mr. Nieken and his crew. Margaret Lake Diamonds "remains committed to
its strategic goals and will continue to explore alternative opportunities to enhance
shareholder value." It is unclear what the goal currently is, nor is it evident what the strategy
might be to get there. Even the terse boilerplate end-of-release summary is vague:
"Margaret Lake Diamonds is a company focused on the exploration and development of
mineral projects," it reads, which might offer some solace if the company owned any
projects.
What about its 18.5-per-cent interest in Diagras would be a logical question for
shareholders - at least those who did not notice the fine print in the company's latest
quarterly report. Margaret Lake, you see, has "divested" its interest in the project to a third
party for $300,000 in cash. The buyer is unknown, but it is believed to be a fellow traveller
of Patrick Power and his Arctic Star Exploration Corp. (ADD)