LITTLETON, Colo., May 04, 2017 (GLOBE NEWSWIRE) -- Stillwater Mining Company (“Stillwater”) today announced that it has completed its merger with an indirect wholly-owned subsidiary of Sibanye Gold Limited (“Sibanye”), pursuant to which Sibanye acquired Stillwater for $18.00 per share in cash.
Commenting on the transaction, Mick McMullen, Stillwater’s President and Chief Executive Officer stated, “I am grateful for the hard work of our employees and management team in building this great company. Stillwater’s leadership team is well positioned for success as part of Sibanye.”
As previously announced, each share of Stillwater common stock will be cancelled and converted into the right to receive $18.00 per share in cash.
As part of the transaction, Stillwater’s common stock is being delisted from the New York Stock Exchange, and Stillwater shareholders will be provided with instructions on how to receive the merger consideration for their shares by Computershare Trust Company N.A., in its capacity as transfer agent for the transaction.
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 of 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 resource 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. 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. 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. These forward-looking statements speak only as of the date of this press release.