|By Marketwired .||
|July 3, 2014 10:47 AM EDT||
KIRKLAND LAKE, ONTARIO -- (Marketwired) -- 07/03/14 -- Kirkland Lake Gold Inc. (the "Company") (TSX:KGI) (AIM:KGI), an operating and exploration gold mining company, today announces the closing of its previously announced flow-through financing for gross proceeds of C$7.5 million (the "Offering"). National Bank Financial ("NBF") acted as lead underwriter in connection with the Offering. The Company issued an aggregate of 1,923,205 common shares (the "Offered Shares") at a price of C$3.90 per Offered Share (including 128,205 Offered Shares issued pursuant to the exercise of NBF's option).
Application has been made to the AIM Market of the London Stock Exchange for the Offered Shares issued pursuant to the Offering to be admitted for trading commencing on July 7, 2014. 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 72,074,117 common shares.
It is expected that trading of the Offered Shares issued under the Offering will commence on the Toronto Stock Exchange following the expiry of the four month hold period applicable under Canadian securities legislation.
Kirkland Lake intends to use the net proceeds to advance its surface exploration program.
About the Company
Kirkland Lake Gold's corporate goal is to create a self-sustaining and long-lived intermediate gold mining company based in the historic Kirkland Lake Gold Camp. The Company plans to do this by mining to the reserve grade, generating profits and free cash flow 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 camp while the current reserve and resource provides for more than 10 years of mining with significant exploration upside.
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements
This Press Release contains statements which constitute "forward-looking statements", including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Forward-looking statements used in this Press Release include, but may not be limited to, statements regarding the Company's production capacity and its exploration program. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company's business, its ability to increase its production capacity and decrease its production cost. Such opinions, assumptions and estimates, are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
These factors include the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate mineral resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risks related to joint venture operations, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended April 30, 2013 and the Company's Management's Discussion and Analysis for the interim period ended January 31, 2014 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
Kirkland Lake Gold Inc.
George Ogilvie, P.Eng
+1 709 532 5716
+1 705 568 6444 (FAX)
Kirkland Lake Gold Inc.
Director of Investor Relations
+1 705 568 6444 (FAX)
NOMAD: Panmure Gordon (UK) Limited
Callum Stewart / Adam James
+44 (0) 20 7886 2500
Tim Blythe/Halimah Hussain/Camilla Horsfall
+44 (0) 20 7138 3204
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