Shareholders of Kirkland Lake Gold and Newmarket Gold have voted in favour of the plan to merge the two miners into one mid-tier gold company.
The arrangement was approved by 82.64 per cent of the votes cast by Kirkland Lake Gold shareholders, according to a Nov. 25 company release.
The issuance of common shares of Newmarket as consideration under the arrangement was approved by 99.79 per cent of the votes cast by Newmarket shareholders.
The amendment to Newmarket's articles to change its name to Kirkland Lake Gold was approved by 99.60 per cent of the votes cast by Newmarket shareholders.
The merger deal closes on Nov. 30, subject to the usual regulatory approvals.
"On closing, KL Gold will be the next mid-tier gold company with annual production of over 500,000 ounces from world class underground gold mines in Canada and Australia, and one of the lowest cost profiles in the industry,” said Kirkland Lake Gold president-CEO Tony Makuch in a statement.
“In addition to solid production and low cost operations, we have exciting exploration potential across all of our properties to unlock further value. We wish to thank the shareholders of both Kirkland Lake Gold and Newmarket for their support of this combination and going forward."
Kirkland Lake Gold has operating mines and exploration properties in the Kirkland Lake gold camp of northeastern Ontario with its cornerstone Macassa Mine Complex and the Holt Mine Complex which includes the Holt, Holloway and Taylor Mines.
Newmarket is a Canadian-listed gold producer with three underground mines in Australia lead by its flagship Fosterville Gold Mine, Stawell Gold Mine and the Cosmo Gold Mine, along with a stable of exploration projects in that country.
- Northern Ontario business
