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Message: Announces Completion of Rights Offering

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Announces Completion of Rights Offering

posted on Feb 20, 09 03:53AM

February 20, 2009

Peregrine Diamonds Announces Completion of Rights Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2009) - Peregrine Diamonds Ltd. ("Peregrine") (TSX:PGD) is pleased to announce that it has completed its rights offering, which was announced on January 19, 2009, for aggregate proceeds of $3.51 million. The rights offering was fully subscribed.

An aggregate of 10,038,750 units, each unit comprising of one common share and one-half of one warrant, were issued to rightsholders. Each whole warrant entitles the holder to purchase one common share for a term of two years at a price of $1.00 during the first year and $1.50 during the second year of the term.

As a result of the completion of the rights offering, a total of 80,310,232 common shares of Peregrine are now issued and outstanding.

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