Peregrine Diamonds Ltd.

Peregrine Diamonds Ltd.

March 16, 2007 10:01 ET

Peregrine Diamonds Ltd. Completes $5.0 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 16, 2007) - Peregrine Diamonds Ltd. (TSX:PGD) (the "Corporation", the "Company") today announced that it has completed a private placement of common shares for gross proceeds of $5.0 million. A total of 2,000,000 common shares at a price of $2.50 per share were sold under the private placement to two Limited Partnerships on a "flow-through" basis pursuant to the Income Tax Act (Canada). The shares issued under the private placement are subject to a hold period in Canada until July 16, 2007.

The private placement was completed on a non-brokered basis. Proceeds from the private placement will be used for the Corporation's mineral exploration projects in Canada.

Peregrine is a well-funded Canadian diamond exploration/development company that is managed by experienced geoscientists. The Company is completing a third bulk sampling program on its WO Diamond Project, NT, and is exploring for other diamondiferous kimberlites on its extensive land holdings in Canada. The Company 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)