De Beers purse peregrine completely
Strengthens
global resource portfolio
and supports
production potential
De
Beers Group announces the completion of the previously announced Plan of
Arrangement pursuant to which De Beers Canada has acquired all of the
outstanding securities of Peregrine Diamonds Ltd at a purchase price of C$0.24
per share, for a total cash consideration of C$107 million. The acquisition includes
the high quality Chidliak diamond resource located in Canada’s Nunavut
Territory and other properties elsewhere in Nunavut and the Northwest
Territories.
The
transaction, which was announced on 19 July 2018, was approved by Peregrine’s
security holders on 31 August 2018 and by the Supreme Court of British Columbia
in its final order dated 10 September 2018. The common shares of Peregrine have
been approved for delisting from the Toronto Stock Exchange and will be
delisted at the end of trading on 14 September 2018.
Bruce
Cleaver, CEO, De Beers Group, said: “We are very pleased to complete the
addition of the Chidliak resource to De Beers Group’s world-leading diamond
resource portfolio, and to extend our presence in Canada. We look forward to
developing the resource further and are excited about its potential for
contributing to our future diamond production.”
Kim
Truter, CEO, De Beers Canada, said: “We are very excited about the Chidliak
cluster, an asset with very strong development potential. Having built and
operated three diamond mines in Arctic-like conditions in the past 15 years,
our expertise in bringing projects of this nature to fruition is unparalleled.
We look forward to accelerating our understanding of this property and how we
can move it forward.”
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