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Kirkland Lake Gold acquires shares of Osisko Mining for CAD 25 million

Mining News - Published on Thu, 22 Nov 2018

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Kirkland Lake Gold Ltd has 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, commented: “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 : Nanda Koijam on Thu, 22 Nov 2018
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