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Stillwater Mining Company Completes Acquisition of Peregrine Metals Ltd.
STILLWATER MINING COMPANY (NYSE: SWC) (TSX: SWC.U) ("Stillwater") and PEREGRINE METALS LTD. (TSX: PGM) ("Peregrine") today announced the completion of the acquisition of Peregrine by Stillwater.
Stillwater has acquired all outstanding shares of Peregrine pursuant to a plan of arrangement under the Canada Business Corporations Act. The transaction was previously approved by the Peregrine shareholders, who voted in respect of the arrangement, and the British Columbia Supreme Court.
Effective today, each common share of Peregrine has been exchanged for US$1.35 cash and 0.08136 shares of Stillwater common stock. Registered shareholders are directed to follow the instructions in Peregrine's information circular dated August 25, 2011 in order to obtain cash and the certificates representing the shares. Stillwater has applied to have the common shares of Peregrine delisted from the Toronto Stock Exchange.
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. Information on Stillwater Mining can be found at its Web site: www.stillwatermining.com.
About Peregrine Metals
Eric Friedland Chief Executive Officer and Director
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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