TORONTO, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) and Detour Gold Corporation (TSX: DGC) (“Detour Gold”) are pleased to announce the completion of the previously announced arrangement (the “Arrangement”) whereby Kirkland Lake Gold has acquired all of the issued and outstanding common shares of Detour Gold (the “Detour Shares”).

Pursuant to the Arrangement, Kirkland Lake Gold has acquired 100% 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 (each whole share, a “Kirkland Share”) 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% and 27% 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 de-listed from the Toronto Stock Exchange on or about February 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 December 20, 2019, copies of which can be found under Kirkland Lake Gold and Detour Gold’s respective profiles on SEDAR at www.sedar.com. 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 at the number shown below.

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 the Detour Gold’s profile on SEDAR at www.sedar.com. 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 or nominee, they should contact such nominee for assistance in depositing their Detour Shares and should follow the instructions of such intermediary or nominee.

BOARD OF DIRECTORS

Kirkland Lake Gold also announces that effective as of January 31, 2020, each of Pamela Klessig and Raymond Threlkeld have retired as members of the Company’s board of directors (the “Board”).

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.”

ADVISORS AND COUNSEL

RBC Capital Markets, Maxit Capital LP and National Bank Capital Markets acted as financial advisors 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 advisors.

BMO Capital Markets acted as financial advisor to Detour Gold in connection with the Arrangement. Citi has acted as financial advisor 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 advisors.