Peregrine to raise $5.0 Million
by Jo Black
Peregrine Diamonds Ltd. intends to proceed with a non-brokered private placement of common shares and units for gross proceeds of up to $5.03 million. A total of 5,750,000 common shares at a price of $0.44 per share will be sold under the private placement on a “flow-through” basis pursuant to the Income Tax Act (Canada).
In addition, a total of 6,250,000 “non-flow-through” units consisting of one common share and one-half of a share purchase warrant will be sold at a price of $0.40 per unit. One whole share purchase warrant will entitle the holder to purchase one common share from treasury for a price of $0.50 for a period of 12 months.
A finder’s fee of 5% in cash will be paid on a portion of the private placement. Proceeds from the private placement will be used for Peregrine’s mineral exploration projects in Canada.
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