Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or
the “
Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) is
pleased to announce that it has received acceptance from the
Toronto Stock Exchange (the “TSX”) to renew its normal course
issuer bid (“NCIB”). The NCIB allows Kirkland Lake Gold to purchase
up to 27,711,401 common shares of the Company (the “Common
Shares”), representing 10% of the current issued and outstanding
Common Shares in the public float as of June 2, 2020. As at June 2,
2020, the Company had 277,244,914 Common Shares issued and
outstanding.
Purchases of the Common Shares pursuant to the
NCIB may be made through the facilities of the TSX and/or
alternative Canadian trading systems, commencing on June 8, 2020
and ending on June 7, 2021, or such earlier time as the NCIB is
completed or terminated by the Company. Any purchases made pursuant
to the NCIB will be made in accordance with the rules of the TSX
and will be made at the market price at the time of purchase.
The average daily trading volume for the
six-month period ended April 30, 2020, less prior NCIB purchases
made on the TSX, was 1,700,901 Common Shares. Under the renewed
NCIB, the maximum number of Common Shares that the Company may
purchase on a daily basis, other than block purchase exemptions,
are 425,225 Common Shares. The actual number of Common Shares
purchased for cancellation and the timing of such purchase will be
determined by the Company. There cannot be any assurance as to how
many Common Shares will ultimately be purchased for cancellation
under the NCIB.
The Board of Directors of Kirkland Lake Gold has
determined that the repurchase of Common Shares pursuant to the
proposed NCIB presently constitutes an appropriate use of financial
resources and would be in the best interest of Kirkland Lake Gold
shareholders.
Under the previous NCIB, the Company sought and
received approval from the TSX to purchase up to 20,989,692 Common
Shares for the period of May 29, 2019 to May 28, 2020. The Company
purchased 10,440,700 Common Shares pursuant to the previous NCIB in
the last twelve months at an average price of C$46.22 per Common
Share on the TSX and alternative Canadian trading systems.
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.
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 NCIB and the anticipated effects thereof.
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, 2019 and 2018 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: +1 416-840-7884, E-mail:
tmakuch@kl.gold
Mark Utting, Vice-President, Investor Relations Phone: +1
416-840-7884, E-mail: mutting@kl.gold
Kirkland Lake Gold (TSX:KL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Kirkland Lake Gold (TSX:KL)
Historical Stock Chart
From Sep 2023 to Sep 2024