Pangolin Announces Private Placement of Units
02 June 2020 - 11:00PM
Pangolin Diamonds Corp. (TSX-V: PAN) (the
“
Company” or “
Pangolin”)
announces that it intends to complete a non-brokered private
placement of units (“
Units”) to raise aggregate
gross proceeds of up to $600,000 (the “
Offering”).
The Company intends to rely on the TSX Venture
Exchange’s temporary relief from the minimum pricing requirements
as more fully described in its bulletin dated April 8, 2020 (the
“Bulletin”). In accordance with the requirements
of the Bulletin, the Company intends to issue Units at $0.025 per
Unit, with each Unit consisting of one common share (a
“Common Share”) and one common share purchase
warrant (each, a “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
issuance.
The Offering is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals including the approval of the TSX Venture Exchange.
Pursuant to applicable securities laws, all securities issued
pursuant to the Offering will be subject to a four month hold
period from the date of closing of the Offering.
The Company intends to use the net proceeds of
the Offering primarily for exploration expenditures at its various
projects in the Republic of Botswana, Africa and for working
capital purposes.
About Pangolin
Pangolin focuses on exploring and
developing commercial diamond mines in the Republic
of Botswana, Africa. Management and our advisors are veterans
of diamond discoveries and project finance. Pangolin is
managed from Toronto, Canada, and Francistown, Botswana, and trades
on the TSX Venture Exchange under the symbol “PAN”. For
more information please view the recent presentations on our
website at www.pangolindiamonds.com.
Dr. Leon Daniels, President and CEOEmail:
ldaniels@pangolindiamonds.com
Graham C. Warren, Chief Financial OfficerEmail:
gwarren@pangolindiamonds.com
Cautionary Statements:
This news release contains “forward-looking
information” within the meaning of applicable securities laws. When
used in this news release, the words "estimate", "project",
"belief", "anticipate", "intend", "expect", "plan", "predict",
"may" or "should" and the negative of these words or such
variations thereon or comparable terminology are intended to
identify forward-looking statements and information. Although the
Company believes in light of the experience of its officers and
directors, current conditions and expected future developments and
other factors that have been considered appropriate that the
expectations reflected in this forward-looking information are
reasonable, readers are cautioned to not place undue reliance on
forward-looking information because the Company can give no
assurance that they will prove to be correct. Forward-looking
statements are made based on management's beliefs, estimates and
opinions on the date of publication of this news release and the
Company undertakes no obligation to update such forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change. Furthermore, the Company undertakes no
obligation to comment on analyses, expectations or statements made
by third parties in respect of the Company. In particular, this
news release contains forward-looking statements relating to, among
other things, statements pertaining to the “Offering” and actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, the failure to obtain necessary regulatory approvals,
necessary financing and risks associated with the mining industry
in general. All forward-looking statements contained in this news
release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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