November 04, 2010
Peregrine Announces Completion of Private Placement and Full Exercise of Over-Allotment Option
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Peregrine Diamonds Ltd. ("Peregrine" or the "Company") (TSX:PGD) is pleased to announce that it has completed its $10 million brokered private placement with the full exercise of an over-allotment option for an additional $2 million (the "Private Placement"). Pursuant to the closing of the Private Placement, Peregrine issued a total of 4,800,000 units ("Units") at a price of $2.50 per Unit for gross proceeds of $12 million.
Each Unit consists of one common share of Peregrine (a "Common Share") and one-half of one non-transferable common share purchase warrant of Peregrine, with each whole common share purchase warrant (a "Warrant") entitling the holder thereof to purchase one Common Share at a price of $3.00 until November 3, 2011.
The Private Placement was conducted on a best efforts agency basis by a syndicate led by Dundee Securities Corporation and including Salman Partners Inc. and Cormark Securities Inc.
The Common Shares and Warrants comprising the Units issued pursuant to the Private Placement, and the Common Shares issuable upon exercise of such Warrants, are subject to a hold period that expires on March 4, 2011.
The Private Placement is subject to final approval of the TSX.
The securities referred to in this press release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States.
For further information, please contact Eric Friedland, CEO or Mike Westerlund, Vice President Investor Relations, or at 604-408-8880 or at email@example.com.
Forward-Looking Statements: This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the proposed exploration program, funding availability, anticipated exploration results, resource estimates, and future exploration and operating plans) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to the availability and cost of funds, timing and content of work programs, results of exploration activities, interpretation of drilling results and other geological data, world diamond markets, future diamond prices, reliability of mineral property titles, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, operational and infrastructure risks, and other risks involved in the diamond exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
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