20 Sep 2018
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De Beers Group Completes Acquisition of Peregrine Diamonds
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.
By: Diamond World News Service
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Sep 14 2018 1:32PM
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Reference: 16652  

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De Beers Group has announced 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 security holders 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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