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Kirkland Lake Gold Ltd
Symbol KL
Shares Issued 210,189,007
Close 2019-11-28 C$ 54.80
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Globe says Sprott down $140M over Kirkland's Detour bid

2019-11-28 08:08 ET - In the News

Also In the News (C-DGC) Detour Gold Corp

The Globe and Mail reports in its Thursday, Nov. 28, edition that Eric Sprott figures he has lost $140-million in the two days following Kirkland Lake Gold's all-stock deal to acquire Detour Gold. The Globe's Niall McGee writes that Mr. Sprott, who is Kirkland's second-biggest shareholder, said this is also the biggest investment loss of his career, in such a short time period. On Monday, Kirkland shocked the market by announcing it planned to buy struggling low-grade miner Detour Gold for $4.9-billion. Investors immediately soured on the deal. Kirkland Lake shares have lost about 16 per cent of their value since Monday. Shareholders will vote on the deal in January. A majority is needed for the deal to be approved. At the moment, Mr. Sprott says he is not sure which way he is going to vote. He says he has to do a lot more homework to see if management is correct in its thesis that Detour can eventually be very profitable. He is convinced, however, that Kirkland would lose the vote if it was held today, based on the market's reaction. Kirkland stock had gone up eightfold in the past three years, thanks in large part to the spectacular success of its high-grade Fosterville mine in Australia.

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