Patrician Diamonds (TSX-V:PXC) has raised $362,100 in its latest private placement, not long after discovering microdiamonds at its main Northwest Territories mine.
The Ottawa-based junior mining company said it issued 6,035,000 flow-through units at six cents each to Toronto-based fund MineralFields Group and one other subscriber.
This is Patrician's second such private placement with MineralFields; the company raised $800,000 in May through a similar flow-through offering with the fund.
"We are pleased to be continuing our relationship with MineralFields Group and look forward to working with MineralFields Group as we further explore our property holdings," said Patrician CEO Robin Dow in a statement.
The company said it plans to use the proceeds from the offering to fund ongoing exploration programs at its Doctor Lake project in the Sahtu district of the Northwest Territories, where it recently recovered six microdiamonds from samples of the mine's Hillside kimberlite deposits, as well as at its Baffin Island mine on the Borden Peninsula in Nunavut which yielded several diamonds in 2004.
The company noted it paid a finder's fee in respect of the flow-through units sold to MineralFields consisting of 260,000 non-flow-through units and compensation options entitling the holder to purchase 520,000 non-flow-through units on or before Aug. 29, 2010.
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