Pangolin Diamonds Corp says it has closed a non-brokered private placement financing for aggregate gross proceeds of $404,375 with the proceeds going towards the funding work at the Botswana projects.

The company said the offering consisted of 8,087,500 units of the company at a price of $0.05 per Unit with each unit consisting of one common share in the capital of the company and one common share purchase warrant.

According to the company, each warrant entitles the holder thereof to acquire one common share at a price of $0.06 for a period of sixty (60) months from the date hereof. Insiders of Pangolin participated in the total amount of $97,500.

“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,” stated the company.

“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,” it added.

The company retained the services of Aberdeen Gould Capital Markets Ltd. to lead and arrange the Offering. The Company will pay Aberdeen a cash payment equal to seven percent (7%) of the total gross proceeds raised from the Offering in connection with subscriptions arranged by Aberdeen, plus compensation warrants equal to seven percent (7%) of the total number of Units sold by Aberdeen pursuant to the Offering.

Each Compensation Warrant entitles Aberdeen to purchase one Unit of the Company and is exercisable for a period of two years from the date hereof on the same terms and pricing of the Units.

Pangolin Diamonds Corp. is building a leading diamond exploration and development company in the heart of Botswana, the world’s leading diamond producing country by value, with ten Prospecting Licences and +100 years of combined diamond exploration experience.