DeZwarteRidder schreef op 5 september 2017 15:16:
Kirkland Lake Gold Announces Agreement for Strategic Investment in Novo Resources Corp.
Sep 05 2017
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."