Pangolin Diamonds Corp recently announced  the closing of a non-brokered private placement financing for aggregate gross proceeds of $404,375. “The Offering consisted of 8,087,500 units of the Company at a price of US $ 0.05 per Unit,” the Company said in a press note. “Each Unit consists of one common share in the capital of the Company and one Common Share purchase warrant . Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.06 for a period of 60 months from the date hereof. Insiders of Pangolin participated in the total amount of $97,500.”

The Offering was arranged by Aberdeen Gould Capital Markets Ltd.in consideration of a cash payment equal to 7%  of the total gross proceeds raised from the Offering as well as  compensation warrants equal to seven 7%  of the total number of Units sold by Aberdeen pursuant to the Offering.

“Funds will be applied to drilling, geological-geophysical and sampling programs at the Company’s 100% owned Diamond Projects in Botswana, as well as for general working capital,” Pangolin announced.

The Company also explained that 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.