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Peregrine Diamonds Ltd. PGDIF

"Peregrine Diamonds Ltd is a diamond exploration and development company with interests in diamond exploration properties located at Nunavut and the Northwest Territories in Canada and The Republic of Botswana."


GREY:PGDIF - Post by User

Bullboard Posts
Post by madmannon Aug 12, 2014 11:36pm
215 Views
Post# 22834992

Will Purcell

Will PurcellEric Friedland's Peregrine Diamonds Ltd. (PGD) fell two cents to 41 cents on 45,000 shares. The company will pay for a big bulk sample of three pipes at Chidliak, on southeastern Baffin Island, with a big rights offering. The size and the pricing for the offering are not set but Peregrine is assured of raising what it needs. Mr. Friedland and his two key backers, Robert Friedland's Newstar Securities and Ned Goodman's Goodman Merchant Capital, will exercise all their rights and any left unexercised by other shareholders. (Eric Friedland currently owns nearly 20 million shares. His older and wealthier brother, Robert, bought 16 million Peregrine in late 2012. He now holds 27 million shares. Mr. Goodman became a shareholder at the same time; he now holds 4.7 million shares.) The rights offering could be a substantial financing as the cost of preparatory work this year and next year's reverse-circulation drilling of CH-6, CH-7 and CH-44 will be about $20-million. The size of the sample is not set in stone but it will be large enough to assess the diamond value of the three pipes with more confidence. CH-6 is the top pipe at Chidliak, averaging just under three carats per tonne and just over $200 (U.S.) per carat, as determined by a 400-tonne mini-bulk sample last year. The other two pipes, CH-7 and CH-44, appear to grade about one carat per tonne and for now, there is no reason to suspect their diamond values vary significantly from CH-6.
Bullboard Posts