De Beers Group completes acquisition of Peregrine Diamonds
Sep 13, 2018
De Beers Group is pleased to announce 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 (“Peregrine”) 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 securityholders 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.”
De Beers Group’s financial advisor for the transaction is BMO Capital Markets Limited.
De Beers Group’s legal counsel for the transaction is Fasken Martineau DuMoulin LLP.
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De Beers Canada
Tom Ormsby, Head of External & Corporate Affairs
Tel +403 903 0991 Extension 2703
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About De Beers Group
De Beers Group is a member of the Anglo American plc group. Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining and marketing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with mining operations in Botswana, Canada, Namibia and South Africa. As part of the company’s operating philosophy, the people of De Beers Group are committed to ‘Building Forever’ by making a lasting contribution to the communities in which they live and work, and transforming natural resources into shared national wealth. De Beers has been active in Canada since it carried out its first exploration programme in 1961. The De Beers Victor kimberlite cluster discovery in 1987 by De Beers Exploration was the first economic diamond discovery in Canada, four years before the discoveries in the Northwest Territories. De Beers currently operates the Victor Mine in northern Ontario and the Gahcho Kué Mine in the Northwest Territories. Gahcho Kué is a joint venture with Mountain Province Diamonds. For further information about De Beers Group, visit www.debeersgroup.com.