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Kirkland Lake Gold Ltd
Symbol KL
Shares Issued 209,624,480
Close 2020-01-30 C$ 53.04
Recent Sedar Documents

Kirkland Lake Gold completes acquisition of Detour Gold

2020-01-31 09:12 ET - News Release

Also News Release (C-DGC) Detour Gold Corp

Mr. Anthony Makuch of Kirkland Lake reports

KIRKLAND LAKE GOLD COMPLETES ACQUISITION OF DETOUR GOLD

Kirkland Lake Gold Ltd. and Detour Gold Corp. have completed their previously announced arrangement, whereby Kirkland Lake Gold has acquired all of the issued and outstanding common shares of Detour Gold.

Pursuant to the arrangement, Kirkland Lake Gold has acquired 100 per cent of the issued and outstanding Detour shares, and Detour Gold shareholders are entitled to receive 0.4343 of a common share of Kirkland Lake Gold in exchange for each Detour share held immediately prior to closing of the arrangement. In aggregate, the company issued approximately 77,217,129 Kirkland shares under the arrangement to former Detour Gold shareholders as consideration for their Detour shares. Upon closing of the arrangement, existing Kirkland Lake Gold and former Detour Gold shareholders own approximately 73 per cent and 27 per cent of the issued and outstanding Kirkland shares, respectively.

As a result of the arrangement, Detour Gold has become a wholly owned subsidiary of Kirkland Lake Gold, and the Detour shares are anticipated to be delisted from the Toronto Stock Exchange on or about Feb. 3, 2020.

Full details of the arrangement and certain other matters are set out in the management information circular of Kirkland Lake Gold and the management information circular of Detour Gold, each dated Dec. 20, 2019, copies of which can be found under Kirkland Lake Gold's and Detour Gold's respective profiles on SEDAR. A copy of the early warning report of Kirkland Lake Gold in connection with the acquisition of the Detour shares will be filed under Detour Gold's profile on SEDAR and can be obtained by contacting Kirkland Lake Gold.

Information for former Detour Gold shareholders

Pursuant to the arrangement, former Detour Gold shareholders are entitled to receive 0.4343 of a Kirkland share for each Detour share held prior to closing of the arrangement.

In order to receive Kirkland shares in exchange for Detour shares, registered shareholders of Detour Gold must complete, sign, date and return the letter of transmittal that was mailed to each Detour Gold shareholder prior to closing. The letter of transmittal is also available under Detour Gold's profile on SEDAR. For those shareholders of Detour Gold whose Detour shares are registered in the name of a broker, investment dealer, bank, trust company, trust or other intermediary/nominee, they should contact such intermediary/nominee for assistance in depositing their Detour shares and should follow the instructions of such intermediary/nominee.

Board of directors

Effective as of Jan. 31, 2020, each of Pamela Klessig and Raymond Threlkeld have retired as members of Kirkland Lake Gold's board of directors.

Tony Makuch, president and chief executive officer of Kirkland Lake Gold, commented: "Pam and Ray have made significant contributions to the advancement of Kirkland Lake Gold. Their advice and counsel has been highly valued during a period of rapid growth and value creation for our company. We wish them all the best going forward, and we will miss them."

Advisers and counsel

RBC Capital Markets, Maxit Capital LP and National Bank Capital Markets acted as financial advisers to Kirkland Lake Gold in connection with the arrangement, and Cassels Brock & Blackwell LLP and Dorsey Whitney LLP acted as Kirkland Lake Gold's legal advisers.

BMO Capital Markets acted as financial adviser to Detour Gold in connection with the arrangement. Citi acted as financial adviser to the Detour Gold special committee in connection with the arrangement. Stikeman Elliott LLP, Jones Day and Squire Patton Boggs acted as Detour Gold's legal advisers.

About Kirkland Lake Gold Ltd.

Kirkland Lake Gold is a growing gold producer operating in Canada and Australia that produced 974,615 ounces in 2019, with target production for 2020 of 950,000 to one million ounces. The production profile of the company is anchored by two high-grade, low-cost operations, including the Macassa mine, located in Northern Ontario, and the Fosterville mine, located in the state of Victoria, Australia. Kirkland Lake Gold's solid base of quality assets is complemented by district-scale exploration potential, supported by a strong financial position with extensive management expertise.

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