CHRIST CHURCH, BARBADOS--(Marketwired - Dec. 7, 2015) - This press release is issued by Newstar Securities SRL ("Newstar"), a company wholly-owned by Robert M. Friedland, pursuant to the early warning requirements of applicable securities legislation and National Instrument 62-103, with respect to securities of Peregrine Diamonds Ltd. ("Peregrine").
Peregrine is, for no consideration, issuing to the holders of its outstanding common shares of record at the close of business on November 30, 2015 (the "Record Date") rights ("Rights") to subscribe for common shares on the terms set forth in a rights offering circular. Newstar will receive one Right for each common share held, meaning it will be issued 68,727,195 Rights. Four Rights entitle Newstar to acquire one common share upon payment of $0.10 per common share. The Rights expire at 2:00 p.m. (Pacific Standard Time) on January 26, 2016.
As a result of the issue of Rights, under applicable Canadian securities legislation, Newstar is deemed to beneficially own 17,181,798 common shares issuable on exercise of the Rights in full. Assuming the exercise of the Rights held by Newstar in full, it would come to own 85,908,993 common shares, representing 28.65% of the then outstanding common shares, all calculated on a partially diluted basis.
Newstar currently has actual beneficial ownership of 68,727,195 common shares of Peregrine representing an actual beneficial ownership percentage of 24.31% of Peregrine's issued and outstanding common shares.
Newstar has not acquired any new common shares but may do so on exercise of Rights or otherwise. Depending on economic or market conditions or matters relating to Peregrine, Newstar may choose to either acquire additional common shares or dispose of common shares of Peregrine.
A copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with this acquisition is available under Peregrine's profile on the SEDAR website at www.sedar.com.
Contact Information:
+1.604.331.9801