Pangolin Diamonds closed a non-brokered private placement financing for about $430,000 in total proceeds.
It said in a statement that the proceeds would be used for drilling and geological as well as geophysical sampling programme at its diamond projects in Botswana. The funds would also be used for general working capital needs.
The offering consisted of 7.13 million units at a price of 6 cents apiece.
Pangolin reported last month the recovery of four more diamonds from the Magi target on its Tsabong North property. Seven diamonds had now been recovered from the Magi target.
The Magi target was discovered last year after the company announced it modeled the structure at 270 hectares, making it one of the largest kimberlites in the world. Pangolin had four exploration properties in the world’s leading country for diamond production by value, including Tsabong North, which is about 100 km north of the town of Tsabong in southwestern Botswana.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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