Kirkland Lake Rejects Proposals From Gold Fields & Silver Standard - Quick Facts

(RTTNews) - Gold Fields Limited (GFI) confirmed that its wholly-owned subsidiary, Gold Fields Netherlands Services B.V., has made three successive non-binding proposals jointly with Silver Standard to Kirkland Lake to acquire all of the outstanding shares of Kirkland Lake pursuant to a negotiated plan of arrangement for consideration consisting of cash and shares of Silver Standard or a combination thereof. The most recent proposal is valued at C$1.44 billion in aggregate.

The Kirkland Lake board has determined that each of the joint proposals was not reasonably expected to result in a Superior Proposal relative to Kirkland Lake's previously announced combination with Newmarket Gold Inc. (NMI.TO). The Kirkland Lake board would not be engaging in any discussions with Gold Fields or Silver Standard or providing them with due diligence access.