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Canada’s Peregrine Diamonds Unveils $7M Rights Issue to Fund Mining Projects

Nov 22, 2015 4:35 AM   By Rapaport News
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RAPAPORT... Peregrine Diamonds has announced a $7 million rights issue to finance the remaining work on its Chidliak mining project at Nunavut in Canada and exploration in Botswana.

The Canadian miner’s rights issue will run from November 30 to January 26, it said in a statement November 19. Common shares are expected to commence trading on the Toronto Stock Exchange on an ex-rights basis at the opening of business on November 26.

Shareholders will receive one right for each common share held as part of the equity offering and four rights will entitle the holder to purchase one common share at a price of $0.10. All of the company’s executive officers and directors “intend to fully participate” in the offering.

The proceeds from stock-market financing will be used to “further the remainder of the 2015-2016 Chidliak Diamond Resource Development Program, which includes delivery of a preliminary economic assessment, and fund the Company's 2016 Chidliak work program,” according to the statement. The funds raised would also go toward extending exploration in Botswana and potentially for meeting working capital requirements, the company added.
Tags: Canada, chidliak, financial, Peregrine Diamonds, Rapaport News
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