Peregrine Metals Ltd. Shareholders Approve Arrangement With Stillwater Mining Company
BILLINGS, MT and VANCOUVER, BC--(Marketwire - September 26, 2011) - STILLWATER MINING COMPANY (NYSE: SWC) (TSX: SWC.U) ("Stillwater") and PEREGRINE METALS LTD. (TSX: PGM) ("Peregrine") today announced that Peregrine shareholders have approved the plan of arrangement transaction with Stillwater at a meeting of Peregrine shareholders held earlier today.
The transaction is expected to close on or about October 4, 2011, following the anticipated approval of Peregrine's application to the British Columbia Supreme Court and the satisfaction of all other conditions to the arrangement. It is then expected that the Peregrine common shares will be delisted from the TSX on or about the close of trading two business days following close of the transaction.
About Stillwater
Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and the Russian Federation. The Company's shares are traded on the New York Stock Exchange under the symbol SWC and on the Toronto Stock Exchange under the symbol SWC.U.
About Peregrine
Peregrine Metals holds a 100% interest in the Altar property, subject to a one percent NSR royalty granted to Rio Tinto and another one percent NSR royalty granted to the underlying concession owners that may be purchased by Peregrine Metals from the underlying owners at any time for US$1 million. The Company also holds under option a 100% interest in the Rio Cenicero property which surrounds the Altar property, subject to a one percent NSR royalty granted to the Instituto Provincial de Exploraciones y Explotaciones Mineras.
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