De Beers Canada has acquired all of the outstanding securities of Peregrine Diamonds Ltd at a purchase price of $0.24 a share, for a total of $107 million.
The purchase includes the high-quality Chidliak diamond resource located in Nunavut and other properties in Nunavut and the Northwest Territories.
“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,” says Bruce Cleaver, CEO, De Beers Group in a statement.
“We look forward to developing the resource further and are excited about its potential for contributing to our future diamond production.”
The sale was approved by Peregrine’s security holders on August 31 and by the Supreme Court of British Columbia in its final order dated September 10. 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.
“We are very excited about the Chidliak cluster, an asset with very strong development potential,” says Kim Truter, CEO, De Beers Canada in a statement.
“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.”