Photo by: Reuters
TORONTO (miningweekly.com) – TSX- and Aim-listed Kirkland Lake Gold on Friday reported that it had raised C$7.5-million, which it would use to advance its surface exploration programme.
The gold producer, which is focused on the Macassa gold mine, in Ontario’s historic Kirkland Lake gold camp, said it issued 1.92-million common shares at a price of C$3.90 apiece to National Bank Financial, which acted as lead underwriter in the flow-through financing offering.
Kirkland Lake had applied to the Aim and TSX to admit the shares for trading from Monday, lifting the company’s total outstanding stock to 72.07-million common shares.
The company expected that the offered shares would start trading after a four-month hold period applicable under Canadian securities legislation had expired.
Last month, the company reported that it was expecting to step up its yellow metal output over the next three years as higher-grade ores become available at Macassa.
The gold miner is on track to achieve its fiscal 2015 target of producing between 140 000 oz and 155 000 oz, at an average mill grade of 12.7 g/t. For the 2016 financial year, it expected to boost output to between 150 000 oz and 170 000 oz at an average grade of 13.4 g/t, and by 2017, to between 160 000 oz and 180 000 oz at an average grade of 14 g/t.