November 16, 2015 / 11:11 PM / 3 years ago

Canadian gold miner Kirkland Lake to buy St Andrew Goldfields

(Reuters) - Kirkland Lake Gold Inc KGI.TO has agreed to purchase fellow Canadian gold miner St Andrew Goldfields Ltd SAS.TO to create a multi-asset, Ontario-focused mid-sized gold producer, the two companies said on Monday.

Under the all-share deal, St Andrew shareholders will receive 0.09 of a Kirkland share for each share of St Andrew stock they own - a ratio the companies said was a 25 percent premium to St Andrew’s closing share price on Monday.

The ratio implies a total equity value of around C$178 million ($133.54 million).

Reporting by Nicole Mordant in Vancouver

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