Kirkland Lake Gold Announces Sale of Osisko and Novo Shares, Company Repurchases Additional Shares Through Normal Course Issuer Bid
TORONTO, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today
announced that it has filed two early warning reports in connection with the disposition of 32,627,632 common shares of Osisko Mining Inc. (“Osisko”) and 748,700 common shares of Novo Resources
Corp. (“Novo”). The Company also announced today that it has purchased an additional 863,500 common shares of Kirkland Lake Gold for cancellation under its normal course issuer bid (“NCIB”).
To date in 2020, the Company has purchased a total of 11.9 million common shares for US$388.4 million (including 2.2 million shares for $58.6 million since the renewal of the Company’s NCIB on May
28, 2020 for an additional year).
On August 10, 2020, the Company disposed of 32,627,632 common shares of Osisko (the “OSK Shares”) through the facilities of the Toronto Stock Exchange at a price of $4.45 per OSK Share for total consideration of $145,192,962. Following the disposition of the OSK Shares, Kirkland Lake Gold no longer holds any shares of Osisko. Immediately prior to the disposition, Kirkland Lake Gold held 32,627,632 OSK Shares, representing approximately 9.57% of the issued and outstanding OSK Shares on a non-diluted basis.
Between August 7, 2020 and August 12, 2020, the Company disposed of 538,700 common shares of Novo (the “NVO Shares”) through the facilities of the Toronto Stock Exchange at an average price of $3.52 per NVO Share for a total consideration of $1,894,786. In June 2020, the Company disposed of 210,000 NVO Shares at an average price of $3.28 for a total consideration of $689,024. Prior to the dispositions, the Company held 29,830,268 NVO Shares and 14,000,000 warrants of Novo (the “NVO Warrants”) representing approximately 15.81% of the issued and outstanding NVO Shares on a non-diluted basis and 21.62% on a partially diluted basis, assuming the exercise of the Novo Warrants. The completion of these dispositions has resulted in a 0.4% decrease in the Company’s holdings in Novo. Immediately following this disposition, the Company now holds 29,081,568 NVO Shares representing 15.41% of the issued and outstanding NVO Shares on a non-diluted basis and 21.25% on a partially diluted basis, assuming the exercise of the Novo Warrants.