Pangolin Closes $693,453 Private Placement of Units for Diamond Projects in Botswana
TORONTO, ONTARIO--(Marketwired - Apr 19, 2016) - Pangolin Diamonds Corp. (TSX VENTURE:PAN) (the "Company" or "Pangolin") is pleased to announce the closing of a non-brokered private placement financing for aggregate gross proceeds of $693,453 (the "Offering"). Proceeds of the Offering will be used to continue the exploration program, inclusive of drilling, at the Company's priority Malatswae diamond project during 2016. In addition, the proceeds of the Offering will provide working capital to the Company in order to further its exploration commitments at its other 100% owned diamond projects in Botswana.
The Offering consisted of 13,869,060 units of the Company ("Unit") at a price of $0.05 per Unit. Each Unit consists of one common share in the capital of the Company ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.05 for a period of sixty (60) months from the date hereof. Insiders of Pangolin participated in the amount of $101,600 representing 14.7% of the total Offering.
The financing was facilitated by Aberdeen Gould Capital Markets Ltd. ("Aberdeen"), a Toronto based exempt market dealer. In consideration for the services of Aberdeen and certain other finders (the "Finders"), the Company issued an aggregate of 665,000 Units to the Finders on the same terms as the Units issued pursuant to the Offering.
The Offering is subject to the final acceptance of the TSX Venture Exchange, and all securities issued pursuant to the Offering are subject to a four month and one-day hold period in compliance with Canadian securities laws.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Pangolin Diamonds Corp.
Scott Young
Investor Relations
+1.705.888.2756
syoung@pangolindiamonds.com
Pangolin Diamonds Corp.
Graham C. Warren
Chief Financial Officer
+1.416.594.0473
+1.416.594.1630
gwarren@pangolindiamonds.com
http://pangolindiamonds.com
