Peregrine Diamonds Ltd.

Peregrine Diamonds Ltd.

December 05, 2007 15:48 ET

Peregrine Diamonds Ltd. Amends Proposed Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2007) - Peregrine Diamonds Ltd. (TSX:PGD) ("Peregrine") announces that, further to subscriptions received, the terms of its previously announced proposed non-brokered private placement have been amended. Peregrine now expects to raise the increased amount of $4,348,019 by the issuance of 3,952,745 common shares at the lower price of $1.10 per share on a "flow-through" basis pursuant to the Income Tax Act (Canada).

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

The proposed private placement is scheduled to close on December 7, 2007, subject to regulatory approval.

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)