Peregrine Diamonds Ltd.  announced yesterday, the completion of its rights offering of $15,103,535, which opened on August 25, 2014.

“An aggregate of 71,921,597 units, each unit comprising of one common share and one warrant, were issued pursuant to the offering. Each warrant entitles the holder to purchase one common share for a term of six months at a price of $0.21. The Company is using the net proceeds from the rights offering towards its 2014 and 2015 exploration expenditures and to pay general administrative expenses,” the company declared. 

Peregrine said that approximately 76 per cent of the shares were issued in the basic subscription of the rights offering;  4 per cent of the shares were issued in the additional subscription;  and the balance were issued pursuant to a standby commitment agreement.  

A total of 215,764,791 common shars of Peregrine are now issued and outstanding, after the completion of the rights offering.