Peregrine Diamonds Ltd.
TSX : PGD

Peregrine Diamonds Ltd.

February 20, 2008 17:56 ET

Peregrine to Raise $5.0 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2008) - Peregrine Diamonds Ltd. (TSX:PGD) today announced that it intends to proceed with a non-brokered private placement of common shares and units for gross proceeds of up to $5.03 million. A total of 5,750,000 common shares at a price of $0.44 per share will be sold under the private placement on a "flow-through" basis pursuant to the Income Tax Act (Canada). In addition, a total of 6,250,000 "non-flow-through" units consisting of one common share and one-half of a share purchase warrant will be sold at a price of $0.40 per unit. One whole share purchase warrant will entitle the holder to purchase one common share from treasury for a price of $0.50 for a period of 12 months.

A finder's fee of 5% in cash will be paid on a portion of the private placement. Proceeds from the private placement will be used for Peregrine's mineral exploration projects in Canada.

Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to statements concerning Peregrine's projects and other statements that are not historical facts. When used in this document, the words such as "could", "commonly", "confident", "plan", "encouraging", "estimate", "expect", "anticipated", "intend", "imply", "likely", "may", "potential", "should", "scheduled", "significant", "suggest", and similar expressions are forward-looking statements. Although Peregrine Diamonds Ltd. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in the corporation's periodic filings with Canadian regulators.

Contact Information

  • Peregrine Diamonds Ltd.
    Brooke Clements
    President
    (604) 408-8880
    or
    Peregrine Diamonds Ltd.
    Eric Friedland
    CEO
    (604) 408-8880
    or
    Peregrine Diamonds Ltd.
    Investor Relations
    (604) 408-8880
    (604) 408-8881 (FAX)
    Email: investorrelations@pdiam.com
    Website: www.peregrinediamonds.com