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Publish Date : 06-Apr-2013

Pangolin Diamonds Corp. (the \"Company\" or \"Pangolin\") has retained the services of Aberdeen Gould Capital Markets Ltd., an Exempt Market Dealer (“Aberdeen”), to lead and arrange a nonbrokered private placement offering (the “Offering”) of up to 4,200,000 units of the Company at a price of $0.30 per unit, for gross proceeds of up to $1,260,000. Each unit (a “Unit”) will consist of one common share of the Company and one common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder to acquire an additional common share at the price of $0.45 per share for two years from Closing.

The Company has agreed to pay Aberdeen a cash payment equal to eight percent (8%) of the total gross proceeds raised from the Offering, plus compensation unit warrants based upon eight percent (8%) of the total number of Units sold through the Offering, entitling Aberdeen to purchase Units of the Company at any time within a twenty-four (24) month period from Closing on the same terms and pricing of the sold Units in the Offering (one common share at $0.30; plus one Warrant at $0.45) All securities issued pursuant to the Offering will be subject to a four-month hold period from the closing date.

The Company intends to use the net proceeds from the Offering for the advancement of its Botswana diamond exploration projects, as well as for general working capital. Completion of the Offering is subject to TSX Venture Exchange acceptance.

In relation to the news released dated March 25, 2013 by the Company, it would like to clarify that the $2.171 million raised during the Transaction process was not entirely for drilling in 2013. These proceeds helped pay for all costs associated with the Transaction and pay for on going general and administrative costs.

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