NOW READ OUR ARTICLES IN 40 DIFFERENT LANGUAGES.
WEEKLY ONLINE NEWS STORY
You are receiving this weekly newsletter at no additional cost as part of your subscription to Petroleum News. If you do not want to receive this newsletter, email Shane Lasley at [email protected] to be removed from the list.

August 28, 2014 --- Vol. 08, No. 35August 2014

Nunavut

FINANCE – Peregrine Diamonds Ltd. Aug. 25 said it has filed and received regulatory approval for a final prospectus in each of the provinces and territories of Canada (other than Québec) for an offering of rights to holders of common shares of the company to raise about C$15.1 million in gross proceeds. The company intends to use the net proceeds of the offering for its 2014 summer field program at the Chidliak Diamond Project on Baffin Island, Nunavut and to advance the 2015 Chidliak bulk sample program, as well as to make the final payment of C$2.5 million owed to former partner BHP Billiton. Shareholders of Peregrine will receive one right for each common share held. Two rights will entitle the holder to purchase one unit at C21 cents per unit. Each unit will be comprised of one share and one common share purchase warrant. Each warrant will be exercisable for one share at a price of C21 cents per share for six months from the date of closing of the offering. The offering will include an additional subscription privilege under which shareholders who fully exercise their rights will be entitled to subscribe for additional shares, if available, that were not otherwise subscribed for in the offering. Peregrine Chairman and CEO Eric Friedland, Newstar Securities SRL (a company wholly owned by Robert Friedland), and Goodman Merchant Capital Inc. (managed by Ned Goodman) have entered into a standby purchase agreement with Peregrine pursuant to which they have severally agreed to purchase all units that are not otherwise subscribed for under the offering on the terms contained in the standby purchase agreement. The company has agreed to pay the standby purchasers a fee equal to 3 percent of the aggregate gross proceeds of the offering, excluding proceeds from the standby purchasers’ exercise of their basic subscription privilege. Peregrine has discovered two new diamond districts in Nunavut – Nanuq in 2007 and Chidliak in 2008. The junior is also exploring its 8,493-hectare Lac de Gras project in the Northwest Territories, which is located about 23 kilometers (14 miles) from the Diavik Diamond Mine.


Did you find this article interesting? Email it to an associate.
Print this story

Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.MiningNewsNorth.com
S U B S C R I B E