Kirkland Lake Discoveries Corp. Announces Closing of Private Placement
Kirkland Lake Discoveries Corp. Announces
Closing of Private Placement
Toronto, Ontario--(Newsfile Corp. - December 24, 2024) - Kirkland Lake Discoveries Corp. (TSXV:
KLDC) (the "
Company
") is pleased to announce that it has closed its previously announced non-
brokered private placement (the "
Offering
") pursuant to which it has issued (i) 12,552,852 flow-through
units ("
FT Units
") at a price of $0.07 per FT Unit; and (ii) 9,250,000 units ("
Units
") at a price of $0.05
per Unit, to raise aggregate gross proceeds of up to $1,341,199.
Each Unit consists of one common
share of the Company (a "
Common Share
") and one share purchase warrant exercisable to acquire
one additional Common Share at an exercise price of $0.08 for a period of 36 months from the date of
issuance thereof.
Each FT Unit consists of one "flow-through" Common Share and one-half of one share
purchase warrant, with each whole share purchase warrant exercisable to acquire one additional
Common Share at a price of $0.12 for a period of 36 months from the date of issuance thereof.
No
insiders participated in the Offering.
Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 4,000,000
Units for $0.05 per Unit pursuant to the Private Placement for total consideration of $200,000. Prior to
the Private Placement, Mr. Sprott beneficially owned or controlled 4,509,250 common shares and
4,000,000 common share purchase warrants of the Company representing approximately 5.1% on a
non-diluted basis and 9.2% on a fully diluted basis assuming the exercise of such Warrants.
As a result of the Private Placement, Mr. Sprott now beneficially owns or controls 8,509,250 common
shares and 8,000,000 common share purchase warrants of the Company representing approximately
7.6% on a non-diluted basis and 13.7% on a fully diluted basis assuming the exercise of such Warrants.
The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and
may acquire additional securities including on the open market or through private acquisitions or sell the
securities including on the open market or through private dispositions in the future depending on market
conditions, reformulation of plans and/or other relevant factors.
A copy of the early warning report with respect to the foregoing will appear on Kirkland Lake's profile on
SEDAR+ at
www.sedarplus.ca
and may also be obtained by calling Mr. Sprott's office at (416) 945-
3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5).
Chief Executive Officer Stefan Sklepowicz commented, "We are thrilled to have the continued and new
support from key stakeholders and investors as we advance the highly promising targets on the KL West
property.
This funding enables us to move forward with drill testing these exciting anomalies, bringing us
closer to unlocking the area's full potential.
The strong confidence expressed by our stakeholders
highlights the significant opportunity at KL West, and we are eager to capitalize on this support with an
aggressive and focused exploration plan in early 2025."
In connection with the Offering, the Company paid aggregate cash commissions of $60,633 and issued
an aggregate of 871,199 broker warrants ("
Broker Warrants
") to eligible registrants assisting in the
Offering.
An aggregate of 508,480 Broker Warrants are exercisable to acquire one common share of
the Company at an exercise price of $0.08 for a period of 36 months, and an aggregate of 362,719
Broker Warrants are exercisable to acquire one common share of the Company at an exercise price of
$0.12 for a period of 36 months.
All securities issued and issuable in connection with the Offering are subject to a statutory hold period
expiring on April 24, 2025.
Funds from the issuance of FT Units will be used for exploration expenditures and funds raised from the
issuance of Units will be used for general corporate purposes.
The Offering remains subject to various closing conditions, including the final approval of the TSX
Venture Exchange.
Acknowledgment of Support
The Company gratefully acknowledges the financial support provided by the Government of Ontario
through the Ontario Junior Exploration Program. This funding underscores the government's commitment
to advancing mineral exploration within Ontario and fostering economic growth in the province's mining
and exploration sector. The views expressed within this release are the views of the Company and do
not necessarily reflect those of the province.
About Kirkland Lake Discoveries Corp.
Kirkland Lake Discoveries Corp. is a TSX Venture Exchange-listed company that has recently
consolidated a district-scale, highly prospective land package in the Kirkland Lake Gold Camp in
Ontario, Canada. The properties are situated within the Abitibi Greenstone Belt, one of the world's most
richly endowed greenstone belts, with over 200 million ounces of gold produced to date.
The Company's properties host regional and property-scale mineralized structures, considered second-
order structures off the Larder Lake Cadillac Deformation Zone (LLCDZ), a major regional structure
known for its spatial association with gold mines in the camp.
The properties assembled by the Company are grouped into two key areas: KL East, which includes the
Lucky Strike Property, Arnold Property, and KL Central, and KL West, which encompasses the
Goodfish-Kirana and the KL West Properties. KLDC's land position spans approximately 38,000 ha
over 1,338 claims and 29 patented claims, making the Company the largest landholder in the Kirkland
Lake region.
For further information please contact:
Stefan Sklepowicz
Chief Executive Officer
www.kirklandlakediscoveries.com
+1 226 979 3515
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward Looking Statements - Certain information set forth in this news release may contain forward-
looking statements that involve substantial known and unknown risks and uncertainties, including
risks relating to final regulatory approvals and the completion of future exploration activities as
currently proposed or at all. These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the Company, including the receipt of all
regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on forward-looking statements.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/235164