South African gold mining firm Gold Fields has increased its holding in Gold Road Resources to 10%.

As part of the sale of a 50% interest in the Gruyere Gold Project and formation of the Gruyere Project Joint Venture, Gold Road agreed with Gold Fields Australia Pty Ltd (GFA) and its affiliates a standstill arrangement in which they must not acquire a relevant interest in any securities of Gold Road greater than 10% unless agreed in writing by Gold Road during the standstill period (Standstill).

The Standstill applies to any further acquisition of relevant interests by GFA and its affiliates of Gold Road shares. The Standstill ends on the earlier of:

two years after GFA or its affiliates cease to be a participant in the Gruyere Project Joint Venture;

a person or persons jointly or in concert (other than GFA or its affiliates), publicly announce their intention to commence a transaction which would result in a person or persons acquiring a relevant interest of 20% or more in Gold Road's issued shares (Control Transaction); or

the date Gold Road publicly announces that its Board of Directors has approved an agreement which contemplates a Control Transaction.