November 26, 2008
Peregrine Diamonds Ltd. (“Peregrine”) and Peregrine Metals Ltd.
(“Metals”) announce that their respective Boards of Directors have
mutually agreed to terminate discussions to effect a business
combination between the two companies.
On June 3, 2008, Peregrine and Metals announced that they had entered
into a letter of intent for the purpose of effecting a business
combination whereby the two companies would merge to form a
multi-commodity resource company. Both companies formed Special
Committees of independent directors to study various structures for a
merged company and negotiate a merger ratio. The Peregrine Special
Committee cited recent developments at Peregrine’s Chidliak property on
Baffin Island, including the earn-in arrangement with BHP Billiton
announced on November 24, 2008, as the primary reason to terminate the
Metals will continue to advance its promising South American exploration projects as a private entity.
For further information about Peregrine and Metals, please contact Eric
Friedland, President and CEO of Metals and CEO of Peregrine at
604-669-8800 or Brooke Clements, President of Peregrine and Senior Vice
President of Metals at 604-408-8880.
Back to the News Releases page