Peregrine Diamonds Ltd.

Peregrine Diamonds Ltd.

December 10, 2007 08:40 ET

Peregrine Diamonds Ltd. Announces Closing of $4.3 Million Private Placement

VANCOUVER, BRITISH COLUMBIA,--(Marketwire - Dec. 10, 2007) - Peregrine Diamonds Ltd. (TSX:PGD) ("Peregrine") announces that on December 7, 2007, it completed its non-brokered private placement by issuing a total of 3,952,745 common shares at a price of $1.10 per share for gross proceeds of $4,348,019. The common shares were issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) and are subject to a hold period that expires on April 8, 2008.

Peregrine paid finder's fees of 5% in cash in connection with the private placement. Proceeds from the private placement will be used for Peregrine's mineral exploration projects in Canada.

The private placement is subject to final acceptance by the Toronto Stock Exchange.

Peregrine is a Canadian diamond exploration/development company that is managed by experienced geoscientists. The Company is completing a Preliminary Technical Assessment on the nine hectare DO-27 kimberlite and is evaluating other diamondiferous kimberlites it has discovered on its extensive land holdings in Canada. Peregrine trades on the Toronto Stock Exchange under the symbol "PGD".

Contact Information

  • Peregrine Diamonds Ltd.
    Jim Crawford
    Manager - Investor Relations
    (604) 408-8880
    (604) 408-8881 (FAX)