The offering comprised 8,087,500 units, each consisting one common share as well as one common Share purchase warrant, at a price of $0.05 each.

Each warrant allows the holder to purchase one common share at a price of $0.06 for 60 months from the date hereof.

Aberdeen Gould Capital Markets managed the offering process for which it will receive a cash payment of 7% of the total proceeds from subscriptions arranged by Aberdeen and compensation warrants of 7% of units sold by Aberdeen.

Pangolin Diamonds intends to use the proceeds drilling, geological-geophysical and sampling activities at its diamond projects as well as for general working capital purposes.

The offering is yet to receive approval from the TSX Venture Exchange, and all securities issued prior to the offering will be valid for four-month and one day hold period.