Pangolin jumps after raising over $700,000 for Botswana projects

Shares of Pangolin Diamonds (CVE:PAN) were on the rise Thursday after the company closed a $718,000 private placement financing to support ongoing drilling and sampling at its diamond projects in Botswana.

The offering consisted of 7.18 million units at a price of 10 cents apiece. Each unit is made up of one common share and one share purchase warrant, with every warrant allowing the holder to buy an additional share at a price of 20 cents for a period of two years.

The stock climbed 11.5% to 14.5 Canadian cents on Thursday in Toronto.

Pangolin, which has four exploration properties in the world’s leading country for diamond production by value, is focused on Tsabong North, which is about 100 km north of the town of Tsabong in southwestern Botswana. The diamond explorer has found more than 50 drill-ready targets in the area, several of which have surface areas greater than 20 hectares.

Currently, one diamond drill continues to test exploration targets at Tsabong North, including Magi, which 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.

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