Patrician closes $800,000 private placement
2008-05-16 15:17 ET - News Release
Mr. Robin Dow reports
PATRICIAN DIAMONDS INC. COMPLETES PRIVATE PLACEMENT
Patrician Diamonds Inc. has completed a private placement of $800,000 through the issuance of eight million flow-through units at 10 cents per flow-through unit to the MineralFields Group. The flow-through units comprise one flow-through common share and one share purchase warrant for a non-flow-through common share. Each warrant is exercisable at 15 cents on or before May 16, 2010. The common shares and warrants are subject to hold periods expiring on Sept. 17, 2008. The company paid a finder's fee consisting of 480,000 non-flow-through units and compensation options entitling the holder to purchase 800,000 non-flow-through units on or before May 16, 2010.
"We are very pleased to be entering into this relationship with MineralFields Group and look forward to working with MineralFields Group as we further explore our property holdings," said Robin Dow, chairman and chief executive officer of Patrician.
Patrician intends to use the proceeds of this offering primarily to finance the diamond drilling program on the company's Doctor Lake (Sahtu) project. Six to eight holes comprising a total of 1,000 metres of drilling will be completed during the program. The Doctor Lake project is located approximately 60 kilometres northeast of Norman Wells in the Northwest Territories.
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