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TORONTO, April 16, 2019 /CNW/ - Gold Fields Netherlands Services B.V., a wholly-owned indirect subsidiary of Gold Fields Limited ("GF Netherlands"), announces that it acquired ownership and control of 3,267,724 common shares (the "Top-up Shares") of Consolidated Woodjam Copper Corp. ("Woodjam Copper") for no additional consideration on October 1, 2018 pursuant to a pre-existing top-up obligation in the share sale agreement dated August 11, 2015(the "Share Sale Agreement") between GF Netherlands and Woodjam Copper. The Share Sale Agreement provided for the sale by GF Netherlands of all of the shares in its wholly-owned subsidiary Gold Fields Horsefly Exploration Corporation ("GF Horsefly"), and provided that Woodjam Copper would issue the Top-up Shares on the third anniversary of completion of the transaction contemplated therein.
Immediately prior to the issuance of the Top-up Shares, GF Netherlands owned 12,848,016 common shares of Woodjam Copper, representing approximately 16.53% of the issued and outstanding common shares. As of October 1, 2018, following the issuance of the Top-up Shares, GF Netherlands owns 16,115,740 common shares, representing approximately 19.90% of the currently issued and outstanding common shares.
GF Netherlands expects to hold its common shares of Woodjam Copper for investment purposes. GF Netherlands will continue to monitor the business, prospects, financial condition and potential capital requirements of Woodjam Copper. Depending on its evaluation of these and other factors, GF Netherlands may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over the common shares or other securities of Woodjam Copper through market transactions, private agreements, subscriptions from treasury or otherwise.
SOURCE Gold Fields Netherlands Services B.V.