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Kirkland Lake Gold acquires Osisko Mining shares

Mining News - Published on Fri, 21 Sep 2018

Image Source: Mining Global
Kirkland Lake Gold Ltd., a mid-tier gold producer, announced to acquired 14,705,882 common shares of Osisko Mining Inc. by way of private placement financing at a price of CAD 1.70 per Share for a total cash payment of approximately CAD 25 million. Prior to the Investment, Kirkland Lake Gold held 17,921,750 Shares, representing approximately 8.58% of the outstanding Shares on a non-diluted basis. As of the date hereof, after giving effect to Investment, the Company beneficially owns 32,627,632 Shares, representing approximately 13.61% of the currently issued and outstanding Shares on a non-diluted basis. All of the securities issued in the private placement financing are subject to a statutory hold period expiring on January 19, 2019.

Mr Tony Makuch, President and CEO of Kirkland Lake Gold, said that “Our strategic investment in Osisko increases our ownership interest in the Urban Barry area of northwestern Quebec, which we believe has become a new, highly-prospective mining camp in the prolific Abitibi-Greenstone belt. The investment is complementary to our existing interests in Metanor Resources Inc. and Bonterra Resources Inc., both of which have high-potential exploration holdings in the same area. In addition, through the investment in Osisko, we gain exposure to attractive, early-stage exploration properties in close proximity to our Holt and Taylor mines, providing additional value potential around our existing asset base in Ontario.”

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Posted By : Rabi Wangkhem on Fri, 21 Sep 2018
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