Kirkland Lake Gold Files Early Warning Report

TORONTO, Nov. 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 an early warning report in connection with the disposition of 1,095,900 common shares of Novo Resources Corp. (“Novo”).

Between August 13, 2020 and November 12, 2020, the Company disposed of 1,095,900 common shares of Novo (the “NVO Shares”) through the facilities of the Toronto Stock Exchange at an average price of $3.46 per NVO Share for a total consideration of $3,794,054. Prior to the dispositions, the Company held 29,081,568 NVO Shares and 14,000,000 warrants of Novo (the “NVO Warrants”) representing approximately 15.41% of the then 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. The Novo Warrants held by the Company expired unexercised on September 6, 2020. As a result, following the completion of these dispositions and together with Novo’s various issuances from treasury, the Company has decreased its holdings in Novo by 3.8%. Immediately following this disposition, the Company now holds 27,985,668 NVO Shares representing 12.1% of the issued and outstanding NVO Shares on a non-diluted basis.

The NVO Shares were sold for investment purposes. Kirkland Lake Gold may, depending on market conditions, increase acquire or dispose of additional common shares or other securities of Novo in the future whether in transactions over the open market or through privately negotiated arrangements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

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 the Issuer 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 the Issuers profile of Novo on SEDAR and may also be obtained by contacting the Company at 416-840-7884 or by email at [e-mail]. Novo’s head office is located at c/o 595 Burrard Street, Suite 2900, Vancouver, BC, Canada, V7X 1J5.