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Peregrine Metals ( A nice way to start the week

Here's the NR, here's a paste-out:

Stillwater Mining Company (NYSE: SWC) ("Stillwater") and Peregrine Metals
Ltd. (TSX: PGM) ("Peregrine") today announced that they have entered into
a definitive agreement (the "Agreement") pursuant to which Stillwater, by
way of a Canadian plan of arrangement, will acquire all of the
outstanding shares of Peregrine. Under the terms of the Agreement,
Stillwater will exchange 0.08136 shares of Stillwater common stock and
US$1.35 in cash for each common share of Peregrine. Based on the closing
share price of Stillwater common stock as of July 8, 2011, which was
US$23.72, the Agreement places a value on Peregrine common shares of
US$3.28 (CDN$3.16) per share. This represents a total purchase price of
US$487.1 million, and assumes the exercise of all outstanding Peregrine
options and warrants resulting in a CDN$34.4 million (US$35.7 million)
contribution to treasury, and implying a net equity value of US$451.4
million. Upon completion of the transaction, Stillwater and Peregrine
shareholders will own approximately 89.5% and 10.5%, respectively, of the
combined company on a fully diluted basis. 

Your author is long and at the moment it's the only pure copper exploration play we recommend at The IKN Weekly. And it's now officially a big win, which is good. DYODD, dude.

UPDATE: Whoosh!

Yup, when one of your positions goes up 240% like that, it counts as a win. FWIW a Flash update went out to subscribers concerning at the bell this morning to discuss the news and strategy going forward.