The Prospector News

Kirkland Lake Gold Enters Into Agreement to Acquire Shares of Novo Resources Corp.

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Kirkland Lake Gold Enters Into Agreement to Acquire Shares of Novo Resources Corp.

 

 

 

 

 

Kirkland Lake Gold Ltd. (TSX:KL) (NYSE:KL) (ASX:KLA) is pleased to announce that it has entered into a share purchase agreement with Artemis Resources Limited to acquire 4,000,000 common shares of Novo Resources Corp. at a price of C$5.00 per Share for a total purchase price of C$20,000,000. The Acquisition is scheduled to close on or before May 31, 2018.

 

 

Currently, the Company holds 25,830,268 Shares and 14,000,0000 Novo common share purchase warrants  representing an approximate 16.33% undiluted interest and an approximate 23.14% partially diluted interest in Novo, assuming the exercise of the Warrants. Upon closing of the Acquisition, assuming there is no change in the issued and outstanding share capital of Novo as of the date hereof, Kirkland Lake Gold will hold 29,830,268 Shares and 14,000,000 Warrants, representing approximately 18.86% of the outstanding common shares of Novo on an undiluted basis and approximately 25.46% of the outstanding shares on a partially diluted basis, assuming the exercise of the Warrants.

 

 

Pursuant to a prior agreement entered into between Artemis and Novo, the Shares are subject to a contractual restriction on resale until August 23, 2018. Accordingly, pursuant to the share purchase agreement closing of the Acquisition is subject to certain conditions, including the written consent of Novo to the sale of the Shares and the Company has agreed to be bound to the resale restrictions in favour of Novo until August 23, 2018.

 

 

The Shares are being acquired for investment purposes. Kirkland Lake Gold has a long-term view of the investment and may acquire additional securities either on the open market or through private acquisitions, subject to the receipt of all necessary regulatory and/or shareholder approvals, as required, or sell the securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. Kirkland Lake Gold is relying on the private agreement exemption in section 4.2 of National Instrument 62-104 –Take-Over Bids and Issuer Bids, in connection with the Acquisition.

 

 

This press release is being issued in pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with the regulatory authorities in each jurisdiction in which Novo is a reporting issuer containing information with respect to the foregoing matters (the “Early Warning Report”). A copy of the Early Warning Report will be filed on Novo’s profile on SEDAR and may also be obtained by contacting the Company at 416-840-7884 or by email at info@klgold.com.

 

 

About Kirkland Lake Gold Ltd.

 

 

Kirkland Lake Gold Ltd. is a mid-tier gold producer that in 2018 is targeting over 620,000 ounces of gold production from mines in Canada and Australia. The production profile of the company is anchored from two high-grade, low-cost operations, including the Macassa Mine located in Northeastern Ontario and the Fosterville Mine located in the state of Victoria, Australia. Kirkland Lake Gold’s solid base of quality assets is complemented by district scale exploration potential, supported by a strong financial position with extensive management and operational expertise.

 

Posted May 11, 2018

Share this news article

MORE or "UNCATEGORIZED"


First Phosphate Intersects 92.5 m of 11.82% Igneous Phosphate Starting at Surface at Its Begin-Lamarche Project in Saguenay-Lac-St-Jean, Quebec, Canada

First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) is plea... READ MORE

April 23, 2024

Kuya Silver Provides Update on Mine Start-up and Uncovers New Major Silver-Mineralized Vein Zone South of the Bethania Mine, Peru

Kuya Targeting Commencement of Production at Bethania in H1 2024 ... READ MORE

April 23, 2024

Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2024, and Issues Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance

Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) reports pr... READ MORE

April 23, 2024

Lithium Ionic Expands Newly Discovered Zone at Salinas; Drills 1.53% Li2O over 15m, incl. 2.31% Li2O over 8m; 1.15% Li2O over 19m, incl. 1.67% Li2O over 10m, and 1.32% Li2O over 14m

Excellent follow-up drill results from high-grade discovery holes... READ MORE

April 23, 2024

Solaris Reports First Drilling Results from 2024 Program and Exploration Update, Including 150m of 0.67% CuEq within 384m of 0.51% CuEq and 284m of 0.53% CuEq from Near Surface

Solaris Resources Inc. (TSX: SLS) (NYSE: SLSR) is pleased to repo... READ MORE

April 23, 2024

Copyright 2024 The Prospector News