TSX-V-listed Pangolin Diamonds intends to complete a nonbrokered private placement of units to raise aggregate gross proceeds of up to $600 000.
The net proceeds of the offering will primarily be used for exploration expenditures at its various projects in Botswana, as well as for working capital purposes.
Pangolin intends to issue units at $0.025 a unit, with each unit comprising one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at an exercise price of $0.05 for a period of 60 months from the date of issue.