Peregrine Diamonds Ltd. (TSX:PGD) is pleased to announce that further to its press release of December 17, the Company has closed its non-brokered private placement of 4,616,222 common shares at a price of $0.65 per share for gross proceeds of $3,000,544. The common shares issued under the Placement were sold on a “flow-through” basis pursuant to the Income Tax Act (Canada) and purchased by institutional investors. The common shares issued under the Placement are subject to a six month hold period that expires on June 20, 2014. A cash fee equal to six percent of the gross proceeds was paid as a Finder’s Fee to Secutor Capital Management Corp., an Investment Industry Regulatory Organization of Canada member firm.

Proceeds from the Placement will be used for Peregrine’s mineral exploration projects in Canada.