Kirkland Lake Gold Ltd. (TSX: KL) has finalized the acquisition of Detour Gold, obtaining all of the outstanding and issued common shares and making Detour Gold a wholly owned subsidiary. In addition, two Kirkland Lake board members have also resigned.
As per the arrangement, Kirkland Lake has captured all of Detour Gold’s issued and outstanding shares, thus distributing to shareholders of Detour Gold 77,217,129 Kirkland shares. Detour Gold shareholders will receive 0.4343 of a Kirkland share for each Detour Gold Share held as of the record date. To date, the shareholders of Detour Gold will now have ownership of approximately 27% of Kirkland shares. As such, on or before February 3, 2020, all Detour shares will no longer be listed on the TSX.
As of January 31, 2020, two board of directors members, Raymond Threlkeld and Pamela Klessig have retired from their positions.
Kirkland Lake Gold Ltd is a gold mining company, focusing on operations in Australia and Canada, and is currently trading at $54.58 on the TSX.
Information for this briefing was found via Sedar and Kirkland Lake Gold Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.