Gold Fields Comments on News Reports Regarding Acquisition Proposals Made to Kirkland Lake
Nov 14, 2016, 03:30 ET
JOHANNESBURG, Nov. 14, 2016 /CNW/ - Gold Fields Limited (Gold Fields) (JSE, NYSE: GFI) notes recent press reports regarding proposals made jointly by it and Silver Standard Resources Inc. (Silver Standard) (TSX: SRO, Nasdaq: SSRI) to acquire all of the outstanding shares of Kirkland Lake Gold Inc. (Kirkland Lake) (TSX: KLG), as well as Kirkland Lake's 11 November 2016 news release acknowledging these reports.
In accordance with its ongoing disclosure obligations, Gold Fields confirms 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. Its most recent proposal is valued at C$1.44 billion (US$1.07 billion) in aggregate.
Gold Fields further confirms that the Kirkland Lake board has advised that it determined that each of these joint proposals was not reasonably expected to result in a Superior Proposal relative to Kirkland Lake's previously announced combination with Newmarket Gold Inc. (Newmarket) (TSX: NMI), and that accordingly it would not be engaging in any discussions with Gold Fields or Silver Standard or providing them with due diligence access.
Notes to editors
About Gold Fields
Gold Fields Limited is an unhedged, globally diversified producer of gold with eight operating mines in Australia, Ghana, Peru and South Africa with attributable annual gold production of approximately 2.0 million ounces. It has attributable Mineral Reserves of around 46 million ounces and Mineral Resources of around 102 million ounces. Attributable copper Mineral Reserves total 532 million pounds and Mineral Resources 5,912 million pounds. Gold Fields has a primary listing on the JSE Limited, with secondary listings on the New York Stock Exchange (NYSE) and the Swiss Exchange (SWX).
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
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SOURCE Gold Fields Limited
