Peregrine Diamonds Ltd.
TSX : PGD

Peregrine Diamonds Ltd.

March 04, 2011 12:17 ET

Peregrine Completes $8.4 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2011) - Peregrine Diamonds Ltd. ("Peregrine") (TSX:PGD) is pleased to announce the completion of a non-brokered private placement of 3,000,000 common shares at a price of $2.80 per share for proceeds of $8.4 million (the "Private Placement"). The common shares issued under the Private Placement were sold on a "flow-through" basis pursuant to the Income Tax Act (Canada) and purchased by institutional investors, whose common advisor is a deemed insider of Peregrine, and the deemed insider's affiliates and associates. No commission was paid on this Private Placement.

The common shares issued under the Private Placement are subject to a hold period that expires on July 5, 2011. Proceeds from the Private Placement will be used for Peregrine's mineral exploration projects in Canada.

The Private Placement is subject to final regulatory approval. This news release has been issued concurrent with the closing and less than 21 days before the closing of the Private Placement as the financing was negotiated recently and contractual arrangements were not entered into until the closing date.

Contact Information

  • Peregrine Diamonds Ltd.
    Mr. Eric Friedland
    CEO
    604-408-8880
    or
    Peregrine Diamonds Ltd.
    Mr. Brooke Clements
    President
    604-408-8880
    or
    Peregrine Diamonds Ltd.
    Mr. Mike Westerlund
    Vice President, Investor Relations, Corporate Communications
    604-408-8880
    or
    Peregrine Diamonds Ltd.
    Investor Relations
    604-408-8880
    investorrelations@pdiam.com