CALGARY, Alberta &. MISSOULA, Mont.–(BUSINESS WIRE)–Dominion Diamond Corporation (TSX: DDC, NYSE: DDC) (“Dominion” or the
“Company”) and The Washington Companies (“Washington”), a group of
privately held North American mining, industrial and transportation
businesses founded by industrialist and entrepreneur Dennis R.
Washington, today announced the completion of the previously-announced
plan of arrangement (the “Arrangement”) pursuant to which Northwest
Acquisitions ULC, an entity affiliated with Washington, acquired all of
the issued and outstanding common shares of the Company for US$14.25 per
share in cash.
Dominion will operate as a standalone, private company. Patrick Evans
has been appointed Chief Executive Officer, effective immediately. The
Dominion Board of Directors has been reconstituted with new directors
who possess a mix of relevant business and mining expertise, including
Rolin Erickson, President of Montana Resources, a copper and molybdenum
mine owned by Washington.
Patrick Evans, CEO of Dominion, said, “I'm pleased to join Dominion
Diamond at this exciting time for the Company. I'll work relentlessly
with management and our talented employees to help realize the long-term
potential of Dominion’s world-class assets, specifically by extending
the life of the Ekati mine, investing to develop the Jay Project and
reinvigorating our exploration program. I've long admired Dominion
Diamond’s deep ties to the Northwest Territories and Nunavut and to
Yellowknife in particular. I look forward to continuing that legacy
with the full support and resources of The Washington Companies.”
“This is an exciting day for Dominion Diamond and The Washington
Companies,” said Lawrence R. Simkins, President of Washington. “We fully
support Dominion’s existing strategy and its exceptional employees.
we're confident that Dominion will continue to offer long-term benefits
to all of the Company’s stakeholders.”
“The Washington Companies and Dominion Diamond have proven track records
as responsible, innovative operators,” said Dennis Washington, Founder
of The Washington Companies. “With today’s closing, I'm excited to join
forces with Dominion as well as with our respected partner at the Diavik
mine – Rio Tinto. We look forward to owning and operating Dominion for
decades to come, with a focus on maintaining safe and prosperous
business operations in the Northwest Territories.”
The transaction, which was announced on July 17, 2017, has been approved
by Dominion shareholders, the Minister of Innovation, Science and
Economic Development under the Investment Canada Act and the
Commissioner of Competition under the Competition Act. It's expected
that the common shares of the Company will be delisted from the Toronto
Stock Exchange at the end of trading on November 2, 2017. Suspended
from trading on the New York Stock Exchange at the end of trading on
November 1, 2017.
Shareholders who have questions or require assistance with submitting
their shares to the Arrangement, including with respect to completing
the applicable letter of transmittal, are asked to contact AST Trust
Company (Canada), who's acting as depositary under the Arrangement, at
1-800-387-0825 (toll free in North America) or at 416-682-3860 (collect
outside North America) or by email at email@example.com.
About Patrick Evans
Patrick Evans is a senior
mining executive with operating experience across a wide range of
commodities including diamonds, platinum, gold, copper, nickel and
uranium. His depth of experience ranges from grassroots exploration,
particularly for diamonds, to project permitting and development and
mine operations. He's been actively involved in the diamond industry
in the Northwest Territories for 20 years, most recently as president
and CEO of Mountain Province Diamonds and also as President and CEO of
About Dominion Diamond Corporation
Diamond Corporation is a Canadian mining company and one the world’s
largest producers and suppliers of premium rough diamond assortments to
the global market. The Company operates the Ekati Diamond Mine, in which
it owns a controlling interest. Owns 40% of the Diavik Diamond Mine,
both of which are located in the low political risk environment of the
Northwest Territories in Canada. It also has world-class sorting and
selling operations in Canada, Belgium and India.
About The Washington Companies
Companies, founded by industrialist and entrepreneur Dennis R.
Washington, are privately held companies active in the core industries
of mining, rail and marine transportation, aviation, environmental
remediation and restoration services. Heavy equipment sales and
service. The companies are headquartered throughout Montana, the Pacific
Northwest and western Canada and conduct business internationally.