Pangolin Diamonds Corporation Announces Closing of Private Placement
![Pangolin Diamonds Corporation Announces Closing of Private Placement](https://www.minenportal.de/media/goldseiten-news.jpg)
Proceeds of the Offering will be used to continue the exploration program, inclusive of drilling, at the Company’s 100% owned diamond projects in Botswana.
Graham Warren, Chief Financial Officer of the Company, subscribed for 760,000 Units (having a value of $38,000). As a result, the issuance of Units to Mr. Warren is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under MI 61-101 on the basis that participation in the private placement by such insider will not exceed 25% of the fair market value of the Company’s market capitalization.
In consideration for the services of certain finders (the “Finders”), the Company issued options to acquire 238,000 Units to the Finders on the same terms as the Units issued pursuant to the Offering. In addition, cash commissions of $5,600 are payable to such finders.
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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Pangolin Diamonds Corp. - Contact Information
Scott Young, Investor Relations
Phone: +1.705.888.2756
Email: syoung@pangolindiamonds.com
Graham C. Warren, Chief Financial Officer
Phone: +1.416.594.0473
Fax: +1.416.594.1630
Email: gwarren@pangolindiamonds.com
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.