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Kirkland Lake Gold Announces C$56 Million Strategic Investment Into Novo Resources

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Algemeen advies 05/09/2017 17:49
TORONTO, ONTARIO -- (Marketwired) -- 09/05/17 -- Kirkland Lake Gold Ltd. ("Kirkland Lake Gold" or the "Company") (TSX:KL)(NYSE:KL) is pleased to announce that the Company has entered into a term sheet agreement (the "Agreement") with Novo Resources Corp. ("Novo") to acquire 14,000,000 units (each a "Unit") at a price of CAD$4.00 per Unit for a total cost of CAD$56,000,000 pursuant to a private placement financing (the "Financing"). Each Unit consists of one common share and one common share purchase warrant (a "Warrant"), entitling the Company to purchase one additional common share of Novo at a price of $6.00 per share for a period of 36 months from the closing date (the "Warrant Expiry Date").

In the event that, during the period following 12 months from the closing date, the volume-weighted average trading price of the Novo common shares on the TSX Venture Exchange exceeds $12.00 per share for any period of 20 consecutive trading days, Novo may accelerate the Warrant Expiry Date. In such case, the Warrants will expire 30 days following receipt of notice thereof by the Company.

Following a recent block purchase of Novo common shares, Kirkland Lake Gold currently owns approximately 9.2% of the issued and outstanding common shares of Novo. Upon closing of the Financing, the Company is expected to own approximately 18.2% of Novo's issued and outstanding common shares and will hold approximately 25.5% on a partially diluted basis, assuming the exercise of the Warrants.

Tony Makuch , President and CEO, of Kirkland Lake Gold , commented: "Our investment in Novo is an important part of our strategy to grow and enhance the value of our Australian franchise, which currently includes large land positions in Victoria and the Northern Territory, and production from our high-grade Fosterville Gold Mine . Investing in Novo will provide our company with exposure to highly prospective exploration targets in the Pilbara Region of Western Australia , including the Karratha Gold Project , where recent exploration results have been very encouraging and suggest that the property may be host to a large gold system with significant potential for profitable, long-life production. The investment we are making will support an acceleration of exploration programs at Karratha and other key projects within Novo's portfolio."

The closing of the Financing is subject to receipt of all necessary regulatory approvals and is expected to close on or about September 15, 2017 . The Units, including all underlying securities thereof issued with respect to the Financing will be subject to a statutory four month hold period in accordance with applicable Canadian securities laws.

Under terms of the Agreement, Kirkland Lake Gold will retain an anti-dilution right (the "Anti-Dilution Right") which grants the Company the right (but not the obligation) to participate, on a pro rata basis, in any future financing undertaken by Novo to the extent required to allow the Company to maintain the same equity ownership interest in Novo that it possessed immediately prior to announcement of a financing such that the Company does not suffer any equity dilution. The Anti-Dilution Right does not apply to currently existing convertible securities, securities issued pursuant to currently existing contractual obligations, securities issued pursuant to the acquisition of mineral projects, and securities issued pursuant to direct or indirect arm's length corporate acquisitions, and it will expire if the Company's ownership in Novo drops below 5%.

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