Marathon PGM Corporation (TSX : MAR) ("Marathon PGM") and Stillwater Mining Company (NYSE: SWC) ("Stillwater") jointly announced today that Marathon PGM shareholders have overwhelmingly approved the plan of arrangement transaction with Stillwater. At a meeting of Marathon PGM shareholders held earlier today, the arrangement was approved by 99.98% of the votes cast representing 65.3% of Marathon PGM's outstanding shares. Under the terms of the arrangement, Marathon PGM shareholders will receive 0.112 common shares of Stillwater, Cd$1.775 in cash and 0.5 of a common share of Marathon Gold Corporation ("Marathon Gold") for each outstanding share of Marathon PGM.
The TSX has conditionally approved the listing of Marathon Gold common shares. Marathon PGM's application to the Ontario Superior Court of Justice to obtain the final court order approving the arrangement is scheduled for November 19, 2010. If approved, and all other conditions to the arrangement are satisfied, the arrangement is expected to close in the fourth quarter of this year. It is then expected that the Marathon PGM common shares will be delisted from the TSX on or about the close of trading two business days after the closing and the common shares of Marathon Gold will commence trading at the opening of trading the third business day after the closing.