Canadian diamond company Peregrine has once again extended its open palm to the financial industry and received all that it has asked for. The firm sought to raise $3.5 million for the continued exploration and development of its mining projects, as well as for general purposes, and did so by issuing stock and finding buyers, Rough and Polished reports.

To collect the funds, Peregrine carried out a non-brokered private placement of 10 million common shares for the price of 35 cents per share. The shares will be subject to a hold period of four months and a day, but not finders' fees or commissions, according to Rough and Polished.

Eight months ago, Peregrine announced that it had secured financing from Newstar Securities SRL and the Dundee Corporation to the tune of $10 million. In exchange for the cash infusion, those institutions now own 13.2% and 18.4% stakes in Peregrine, respectfully.