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Pangolin Diamonds Closes Private Placement With Increased Gross Proceeds of $1,612,250

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Pangolin Diamonds Closes Private Placement With Increased Gross Proceeds of $1,612,250






Pangolin Diamonds Corp. (TSX VENTURE:PAN) is pleased to announce it has closed its previously announced private placement equity offering by raising gross proceeds in the amount of $1,612,250. To meet increased demand for the Offering, the gross proceeds are 28% more than the $1,260,000 expected gross proceeds announced by the Company on April 4, 2013. Aberdeen Gould Capital Markets Ltd. acted as the lead agent in connection with the Offering.

The terms of the Offering first announced on April 4, 2013 were amended to accommodate the increased demand. Specifically, under the revised terms of the Offering, 6,449,000 units of the Company were sold at a price of $0.25 per Unit, with each Unit consisting of one common share of the Company and one Common Share purchase warrant. Each Warrant entitles the holder to acquire an additional Common Share at the price of $0.40 per share for two years from closing of the Offering. The securities issued in connection with the Offering are subject to a four-month and one day hold period ending August 20, 2013.

The Company has paid Aberdeen and other agents assisting with the Offering, an aggregate cash payment of $128,980, and an aggregate of 515,920 agent’s options. Each Agent Option entitles the Agent to purchase Units at any time within a twenty-four (24) month period from the closing of the Offering on the same terms and pricing of the Units sold pursuant to the Offering.

The Company intends to use the net proceeds from the Offering for the advancement of its Botswana kimberlite diamond exploration projects, as well as for general working capital.

Posted April 22, 2013

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