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
info@kl.gold. Novo’s head office is located at c/o 595 Burrard
Street, Suite 2900, Vancouver, BC, Canada, V7X 1J5.
About Kirkland Lake Gold Ltd.
Kirkland Lake Gold Ltd. is a growing gold
producer operating in Canada and Australia that produced 974,615
ounces in 2019. The production profile of the Company is anchored
by three high-quality operations, including the Macassa Mine and
Detour Lake Mine, both located in Northern Ontario, and the
Fosterville Mine located in the state of Victoria, Australia.
Kirkland Lake Gold’s solid base of quality assets is complemented
by district scale exploration potential, supported by a strong
financial position with extensive management expertise.
For further information on Kirkland Lake Gold
and to receive news releases by email, visit the website at
www.kl.gold.
For more information, please
contact:
Anthony Makuch, President, Chief Executive
Officer & Director Phone: +1 416-840-7884 E-mail:
tmakuch@kl.gold
Mark Utting, Senior Vice President, Investor
Relations Phone: +1 416-840-7884 E-mail: mutting@kl.gold Website:
www.kl.gold
Cautionary Note Regarding Forward-Looking
Information
This press release contains statements which
constitute “forward-looking information” within the meaning of
applicable securities laws, including statements regarding the
plans, intentions, beliefs and current expectations of Kirkland
Lake Gold with respect to future business activities and operating
performance. Forward-looking information is often identified by the
words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” or similar
expressions and, in this press release, include information
regarding the sale or purchase of additional securities of the
Issuer in the future, on the open market or in private
transactions.
Investors are cautioned that forward-looking
information is not based on historical facts but instead reflect
the Company’s management’s expectations, estimates or projections
concerning future results or events based on the opinions,
assumptions and estimates of management considered reasonable at
the date the statements are made. Although Kirkland Lake Gold
believes that the expectations reflected in such forward-looking
information are reasonable, such information involves risks and
uncertainties, and undue reliance should not be placed on such
information, as unknown or unpredictable factors could have
material adverse effects on future results, performance or
achievements of the Company. Among the key factors that could cause
actual results to differ materially from those projected in the
forward-looking information are the following: changes in general
economic, business and political conditions, including changes in
the financial markets; changes in applicable laws. This
forward-looking information may be affected by risks and
uncertainties in the business of Kirkland Lake Gold and market
conditions. This information is qualified in its entirety by
cautionary statements and risk factor disclosure contained in
filings made by Kirkland Lake Gold, including Kirkland Lake Gold’s
annual information form dated December 31, 2019 and its interim
consolidated financial statements and related MD&A for the
period ended June 30, 2020, which are 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 information prove incorrect, actual results may
vary materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. Although Kirkland
Lake Gold 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. Kirkland Lake Gold does not intend, and do
not assume any obligation, to update this forward-looking
information except as otherwise required by applicable law.
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