Peregrine Board Approves Deal with De Beers Canada

Peregrine Diamonds Ltd. (TSX:PGD) reports that its security holders voted at the special meeting held last week to approve the previously announced plan of arrangement pursuant to which De Beers Canada will acquire all of the issued and outstanding common shares of Peregrine for cash consideration of C$0.24 per share.

Peregrine is a Canadian diamond exploration and development company with its primary assets located in northern Canada. Peregrine’s core asset is its 100 percent-owned, 317,213-hectare Chidliak project, located 120 kilometres from Iqaluit.

As quoted from the press release:

The special resolution regarding the arrangement was passed with approval by 98.35 percent of votes cast by Peregrine shareholders at the meeting in person or by proxy and by 98.5 percent of votes cast by Peregrine shareholders, option holders and warrant holders voting together as a single class at the meeting in person or by proxy.

In addition, a special resolution to reduce the stated capital of the common shares of the company so that the company may use the arrangement provisions under the Canada Business Corporations Act was passed with approval by 98.3 percent of votes cast by Peregrine shareholders at the meeting in person or by proxy.

Peregrine expects to apply for a final order of the Supreme Court of British Columbia for approval of the arrangement on September 10, 2018. Assuming the satisfaction or waiver of other customary closing conditions, the arrangement is expected to close on or about September 12, 2018.

Click here to read the full announcement