March 16, 2007
Vancouver, British Columbia, Canada - Friday, 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”.
For further information, please contact Jim Crawford, Manager — Investor Relations, at 604-408-8880 or at firstname.lastname@example.org
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