Canada's Kirkland Lake buys into De Grey
PERTH (miningweekly.com) – Junior De Grey Mining has welcomed Canada’s Kirkland Lake Gold as a strategic investor, with the North American company agreeing to subscribe for A$5-million in shares in the Australian firm.
De Grey on Monday said that it would issue more than 33.3-million shares to Kirkland Lake, at 15c each.
“The investment by Kirkland Lake is clearly a game changer for De Grey. Together with our recent August capital raising of A$3-million we now have raised A$8-million, which confirms funding for our exploration programme through until the end of 2018,” said De Grey chairperson Simon Lill.
Funds raised by De Grey will be used to finance its ongoing exploration and development activities of the Pilbara gold project, which is estimated to host a mineral resource of 23.88-million tonnes, grading 1.6 g/t gold for 1.2-million ounces. This is an overall increase of about 207 000 oz.
The share placement will be subject to shareholder approval, and to Kirkland Lake maintaining an interest below 19.9% in De Grey, on a partially diluted basis.
Kirkland Lake is expanding its footprint in Australia, having recently acquired an 18.2% stake in fellow-listed Western Australia-focused Novo Resources, through a C$56-million investment.
The company also owns the high-grade Fosterville mine, in Victoria.
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