Kirkland Lake Gold Inc. (TSX:KGI) (AIM:KGI) is pleased to announce that it has closed its previously announced offering of common shares of the Company. A total of 7,935,000 Offered Shares have been issued at a price of C$4.35 per Offered Share, for total gross proceeds of C$34,517,250, which includes the full exercise of the over-allotment option by the underwriters to purchase an additional 1,035,000 Offered Shares.
The Offered Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters co-led by National Bank Financial Inc. and Macquarie Capital Markets Canada Ltd. and included Sprott Private Wealth LP, BMO Capital Markets and Clarus Securities Inc.
Application has been made to the AIM Market of the London Stock Exchange for the Offered Shares issued pursuant to the Offering and is expected to be admitted for trading on February 24, 2015. The Offered Shares will rank pari passu in all respects with the existing issued shares. Following admission, the increased issued share capital of the Company will be 80,016,617 common shares.
The net proceeds of the Offering will be used for working capital and general corporate purposes.
About the Company
Kirkland Lake Gold Inc.’s corporate goal is to create a self-sustaining and long-lived intermediate gold mining company based in the historic Kirkland Lake gold camp, as well as to explore opportunities for growth in other safe mining jurisdictions. The Company plans to do this by mining to the reserve grade, generating profits and free cash flow with a view to maximizing value for the shareholders. The Company will also look to take advantage of its increased infrastructure capacity in the appropriate gold price environment. At the same time, the Company is committed to maintaining a significant exploration program aimed at developing and maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years.
Over the last several years the Company has invested significant capital to improve the infrastructure of the business including upgrading the production hoist, skips, mill, underground mobile equipment and capital development. From initial discovery to present day there have been over 24 million ounces of gold mined from the Kirkland Lake gold camp while the current reserve and resource provides for potentially 10 years of mining with exploration upside.
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