Stillwater Mining Company Announces Shareholder Approval of Proposed Acquisition by Sibanye
April 25 2017 - 5:00PM
Stillwater Mining Company (“Stillwater” or
“Company”) (NYSE:SWC) today announced that its
shareholders adopted the merger agreement with Sibanye Gold Limited
at Stillwater’s annual shareholder meeting. In addition, Sibanye
earlier today announced that its shareholders approved the
transaction and the related issuance of shares by Sibanye in a
rights offering.
Stillwater shareholders owning a total of 103,088,167 shares of
the 121,389,213 shares issued and outstanding on the record date
were voted at the meeting. A total of 91,012,990 shares,
representing 75% of the outstanding shares, and 88% of shares
voted, voted in favor of the merger agreement.
Commenting on the voting results, Mick McMullen, the Company’s
President and Chief Executive Officer stated, “We are pleased with
the tremendous shareholder support for the Sibanye transaction. We
believe this is a very good outcome for Stillwater and delivers
certain value of $18 per share in cash to our shareholders. I would
like to thank our Board, management, workforce and advisors for the
work that has gone into improving our business and delivering this
transaction.”
Subject to customary closing conditions in accordance with the
merger agreement, the merger is expected to close on or about May
4, 2017.
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 NYSE 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 merger
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 merger and the inability to complete the merger due to failure
of the 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
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