Lithoquest Diamonds Inc. (CVE:LDI) told shareholders on Thursday that it has placed the North Kimberley Diamond Project on care and maintenance until financing conditions improve in the diamond industry, and is actively reviewing other mineral projects.
The company noted that funding for diamond exploration has become increasingly difficult to secure due to challenging conditions in the overall diamond industry.
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In order to build value, Lithoquest said that, along with its advisors, it has commenced a process to actively review mineral projects.
The objective is to secure, through acquisition or joint venture, one or more projects that offer significant discovery potential., the group added, with preference being given to projects located in stable jurisdictions, containing gold and copper, however, other mineral commodities are also being considered.
The company said it will provide further updates as appropriate.
Lithoquest also said it has granted stock options in accordance with the terms and conditions of its rolling stock option plan, entitling the purchase of an aggregate 2,225,000 common shares by certain officers, directors, consultants, and advisors
Each stock option will be exercisable at $0.10 per common share until July 30, 2025.
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