Stillwater Mining Company Announces CFIUS Clearance Related to the Proposed Acquisition by Sibanye
April 17 2017 - 8:00AM
Stillwater Mining Company (“Stillwater” or
“Company”) (NYSE:SWC) today announced that it has
been informed that the review by the Committee on Foreign
Investment in the United States (CFIUS) related to the proposed
acquisition of the Company by Sibanye Gold Limited has been
completed, and there are no unresolved national security issues
with respect to the transaction.
The closing of the transaction remains subject to
(1) approval of the merger agreement by the holders of a majority
of Stillwater’s outstanding shares, (2) approval of the transaction
by the holders of a majority of Sibanye’s shares present and
voting, (3) the approval of the related issuance of shares by
Sibanye in a rights offering by the holders of at least 75% of the
shares present and voting, and (4) other customary conditions.
Both Stillwater and Sibanye Gold Limited have
scheduled shareholders’ meetings on April 25, 2017 to conduct
voting related to the proposed merger.
About Stillwater Mining
Company
Stillwater Mining Company is the only U.S. miner of
platinum group metals (PGMs) and the largest primary producer of
PGMs outside of South Africa and the Russian Federation. PGMs are
rare precious metals used in a wide variety of applications,
including automobile catalysts, fuel cells, hydrogen purification,
electronics, jewelry, dentistry, medicine and coinage. The Company
is engaged in the development, extraction and processing PGMs from
a geological formation in south-central Montana recognized as the
J-M Reef. The J-M Reef is the only known significant source of PGMs
in the U.S. and the highest-grade PGM deposit known in the world.
The Company also recycles PGMs from spent catalytic converters and
other industrial sources. The Company owns the Marathon PGM-copper
deposit in Ontario, Canada, and the Altar porphyry copper-gold
deposit located in the San Juan province of Argentina. The
Company’s shares are traded on the New York Stock Exchange under
the symbol SWC. Information about the Company can be found at its
website: www.stillwatermining.com.
SAFE HARBOR FOR FORWARD-LOOKING
STATEMENTS
This press release includes "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as "target," "will," "forecast," "expect," "potential,"
"intend," "estimate," "anticipate," "can" and other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. Statements related
to the closing of the transaction with Sibanye are forward-looking
statements. The forward-looking statements contained in this press
release involve a number of known and unknown risks, uncertainties
and other factors, many of which are difficult to predict and
generally beyond the control of Stillwater, that could cause
Stillwater's actual results and outcomes to be materially different
from historical results or from any future results expressed or
implied by such forward-looking statements. Such risks,
uncertainties and other factors include, without limitation:
Sibanye’s or Stillwater’s ability to complete the proposed
transaction and the inability to complete the proposed transaction
due failure to obtain approval of the shareholders of Sibanye or
Stillwater or other conditions in the merger agreement. These
forward-looking statements speak only as of the date of this press
release.
CONTACT:
Mike Beckstead
(720) 502-7671
investor-relations@stillwatermining.com
Stillwater Mining (NYSE:SWC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Stillwater Mining (NYSE:SWC)
Historical Stock Chart
From Apr 2023 to Apr 2024