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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.
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Tags:
Canada, chidliak, financial, Peregrine Diamonds, Rapaport News
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