Kirkland Lake Gold Amends Normal Course Issuer Bid and Implements Automatic Share Purchase Plan
February 20 2020 - 3:58PM
Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or
the “
Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today
announced that in connection with the Company’s previously
announced normal course issuer bid (“NCIB”) to purchase up to
20,898,692 of its common shares (the “Shares”), it has entered into
an automatic share purchase plan (“ASPP”) with its designated
broker. The ASPP is intended to allow for the purchase of Shares
under the NCIB at times when the Company may not ordinarily be
permitted to purchase Shares due to regulatory restrictions and
customary self-imposed blackout periods.
Pursuant to the ASPP, the designated broker may
purchase up to 7,000,000 Shares until the expiry of the NCIB on May
28, 2020. Such purchases will be determined by the broker at its
sole discretion based on the purchasing parameters set out by the
Company in accordance with the rules of the Toronto Stock Exchange
(the “TSX”), applicable securities laws and the terms of the ASPP.
The ASPP has been pre-cleared by the TSX and will be effective as
of February 21, 2020. The ASPP will terminate on the earlier of the
date on which: (i) the NCIB expires; (ii) the maximum number of
Shares have been purchased under the ASPP; and (iii) the Company
terminates the ASPP in accordance with its terms.
Outside of the ASPP, Shares may continue to be
purchased under the NCIB based on management’s discretion, in
compliance with the rules of the TSX and applicable securities
laws. The NCIB commenced on May 29, 2019 and expires on May 28,
2020. The Company expects to renew the NCIB upon expiry. All
purchases made under the ASPP will be included in the number of
Shares available for purchase under the NCIB.
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, with target production for 2020 of 1,470,000 –
1,540,000 ounces. 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 www.klgold.com.
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 include information regarding the proposed timing
associated with the ASPP and the anticipated effects thereof and
the Company’s intention to renew the current NCIB upon its expiry.
Investors are cautioned that forward-looking
information is not based on historical facts but instead reflect
Kirkland Lake Gold'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 combined company. Among the key factors that
could cause actual results to differ materially from those
projected in the forward-looking information are the following: the
future development and growth potential of the Company’s projects;
future exploration activities planned at the Canadian and
Australian properties; risks relating to equity investments; risks
relating to first nations and Aboriginal heritage; the availability
of infrastructure, energy and other commodities; nature and
climactic conditions; currency exchange rates (such as the Canadian
dollar and the Australian dollar versus the United States dollar);
risks associated with dilution; labour and employment matters;
risks in the event of a potential conflict of interest; changes in
general economic, business and political conditions, including
changes in the financial markets; changes in applicable laws; and
compliance with extensive government regulation. 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 its annual
information form and financial statements and related MD&A for
the financial year ended December 31, 2018 and 2017 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.
FOR FURTHER INFORMATION PLEASE
CONTACT
Anthony Makuch, President, Chief Executive
Officer & DirectorPhone: +1 416-840-7884E-mail:
tmakuch@klgold.com
Mark Utting, Vice-President, Investor Relations Phone: +1
416-840-7884 E-mail: mutting@klgold.com
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