Mr. Anthony Makuch of Kirkland Lake Gold reports
KIRKLAND LAKE GOLD ACQUIRES SHARES OF BONTERRA RESOURCES INC.
Kirkland Lake Gold Ltd. has acquired two million units of Bonterra Resources Inc. by way of a private placement financing and by share purchases at a price of $2.50 per unit for a total cash payment of $5-million. Each unit comprises one common share of the issuer and one-half of one share purchase warrant, with each full warrant entitling the company to acquire one share at a price of $3.10 until Aug. 20, 2021.
Prior to the investment, Kirkland Lake Gold held 6,510,629 shares, representing approximately 10.17 per cent of the issued and outstanding shares on a non-diluted basis. As of the date hereof, after giving effect to investment, the company beneficially owns 8,510,629 shares and one million warrants, representing approximately 11.32 per cent of the currently issued and outstanding shares on a non-diluted basis and approximately 12.48 per cent of the issued and outstanding shares on a partially diluted basis, assuming the exercise of the warrants held by the company.
The units were acquired for investment purposes. Kirkland Lake Gold has a long-term view of the investment and may acquire additional securities, either on the open market or through private investments, or sell the securities, either on the open market or through private dispositions, in the future, depending on market conditions, reformulation of plans and/or other relevant factors.
This press release is being issued 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. A copy of the early warning report will be filed on the issuer's profile on SEDAR and may also be obtained by contacting the company at 416-840-7884 or by e-mail at
About Kirkland Lake Gold Ltd.
Kirkland Lake Gold is a growing gold producer operating in Canada and Australia that produced 723,701 ounces in 2018 and is on track to achieve significant production growth over the next three years, including target production of 950,000 to one million ounces in 2019, 930,000 to 1.01 million ounces in 2020 and 995,000 to 1,055,000 ounces in 2021. The production profile of the company is anchored by two high-grade, low-cost operations, including the Macassa mine 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 and operational expertise.
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