Stillwater Mining Company has completed its acquisition of Marathon PGM Corp. Each common share of Marathon PGM was exchanged for 0.112 common shares of Stillwater Mining. The takeover was given an approval of 99.98% shareholders of Marathon PGM.
The acquisition then received the approval of the Ontario Superior Court of Justice and after that it was able to obtain the ministerial approval under the Investment Canada Act. The completion of the acquisition was undertaken in a plan of arrangement under the Canada Business Corporations Act.
The common shares of Marathon PGM will be delisted from the Toronto Stock Exchange from the close of trading on December 2 this year. The registered shareholders have been sent instructions in a circular dated October 15 about how to obtain the cash and certificates representing the shares after the acquisition.
Frank McAllister, Stillwater's Chairman and Chief Executive Officer, said that the Marathon PGM copper project would ensure that Stillwater remained North America’s leading PGM producer. The project location in Northwest Ontario in Canada and its copper resources fit nicely into the strategy of Stillwater Mining to enhance its growth.