Peregrine Diamonds Receives Court Order for Special Meeting

Peregrine Diamonds (TSX:PGD), reports it has been granted an interim order from the Supreme Court of British Columbia authorizing a special meeting of Peregrine shareholders, optionholders and warrantholders  to consider the arrangement between Peregrine and De Beers Canada that was announced earlier this month.

Peregrine is a diamond exploration and development company with its primary assets located in northern Canada. Peregrine’s core asset is its wholly-owned, 317,213-hectare Chidliak Project, located 120 kilometers from Iqaluit.

As quoted from the press release:

Under the arrangement, among other things, De Beers will acquire all of the issued and outstanding common shares of Peregrine for cash consideration of C$0.24 per share.

Peregrine will be seeking securityholder approval for the arrangement under the Canada Business Corporations Act. The special meeting of securityholders to consider the arrangement will be held on Friday, August 31, 2018 at 10:00 am (Pacific time) at Suite 654 – 999 Canada Place, Vancouver, British Columbia.
Securityholders of record as of the close of business on July 25, 2018 are eligible to vote on the arrangement at the special meeting. Shareholders will be also be asked to approve a reduction in the stated capital of the common shares of the company so that the company may use the arrangement provisions contained in the CBCA. The board of directors of peregrine has unanimously recommended that securityholders vote for the arrangement and that shareholders vote for the stated capital reduction.

Click here to read the full press release