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Home > News > Kirkland Lake Discoveries...

Kirkland Lake Discoveries Secures $1.34M to Advance Exploration at KL West

Dec 27, 2024


“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,” said Stefan Sklepowicz, CEO.

Kirkland Lake Discoveries has announced the successful close of its non-brokered private placement, raising $1.34 million. The financing consisted of 12,552,852 flow-through units at $0.07 each and 9,250,000 units at $0.05 each. Proceeds will fund exploration efforts and corporate purposes as the company advances its highly prospective targets in the Kirkland Lake Gold Camp.

Eric Sprott, through 2176423 Ontario Ltd., participated in the private placement, acquiring 4,000,000 units for $200,000. Following the transaction, Mr. Sprott holds 7.6% of Kirkland Lake’s common shares on a non-diluted basis and 13.7% on a fully diluted basis, further demonstrating confidence in the company’s potential.

In connection with the offering, Kirkland Lake Discoveries paid aggregate commissions of $60,633 and issued 871,199 broker warrants to eligible registrants. The issued securities are subject to a statutory hold period expiring April 24, 2025.

Funds raised from the issuance of flow-through units will be used for exploration expenditures, while funds from unit sales will support general corporate purposes. The offering remains subject to the final approval of the TSX Venture Exchange.

About Kirkland Lake Discoveries Corp.

Kirkland Lake Discoveries is a district-scale explorer in Ontario’s Abitibi Greenstone Belt, home to one of the world’s most prolific gold-producing regions. With 38,000 hectares of claims and a strategic focus on second-order structures linked to gold deposits, the company is well-positioned to advance discoveries within its flagship KL East and KL West properties.



Tags: Northern Ontario / Deals & Financial / Gold / All Articles