Peregrine holders approve De Beers deal

The takeover of Peregrine Diamonds by De Beers is expected to close on September 12, the TSX-V-listed junior said on Friday, announcing that its security holders have approved the plan of arrangement between the companies.

In terms of the arrangement, announced in July, the Anglo American unit will buy Peregrine Diamonds for $0.24 a share. The arrangement was passed with approval by 98.35% of votes cast by Peregrine shareholders and by 98.5% of votes cast by shareholders, option holders and warrant holders voting together as a single class.

Peregrine stated that it would apply for a final order of the Supreme Court of British Columbia for approval of the arrangement on September 10 and that the transaction was expected to close on September 12.

Peregrine is the sole owner of the Chidliak project on Baffin Island in north-eastern Canada.