Pangolin raises P4m for Tsabong project
Staff Writer | Friday October 31, 2014 14:10
The offering consisted of 7.13 million units at a price of 6 cents apiece. Each unit is made up of one common share and one share purchase warrant, with every warrant entitling the holder to acquire an additional share at a price of 12 cents, for a period of two years from closing.
The company raised a total of $427,916, with insiders of Pangolin taking up $83,216 of the offering. Aberdeen Gould Capital Markets led and arranged the placement.
Pangolin said the new funds would be applied to drilling and geological and geophysical sampling programmes at its diamond projects in Botswana, as well as for general working capital needs.
Last month, the junior explorer reported that four more diamonds were recovered from its Magi target, on its Tsabong North property.
A total of seven diamonds have now been recovered from the Magi target.
The Tsabong North project is 1,546 square kilometres in size, with the company having tested a series of airborne geophysical targets, the most significant of which was the Magi area, where an extensive kimberlitic tuff was intersected in six drill holes.
Magi 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 has 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, located in southwestern Botswana.