Kirkland Lake Gold is looking to raise $15 million for exploration activities at its Timmins and Kirkland Lake properties through a non-brokered private placement.
The company announced on June 21 it was issuing 1,047,340 flow-through shares at a price of $14.32 per share for gross proceeds of $15 million.
The company recently approved its 2016 exploration budget, which includes $18 million for surface and underground exploration activity at its East Timmins and Kirkland Lake properties.
“This financing will enable our exploration personnel to actively explore for mineralized zones adjacent to our operations, as well as allowing us to take a ‘discovery focus’ to the company's regional targets,” said Doug Carter, the company’s vice-president of exploration, in a release.
Exploration will be focused on more than 1,700 mineral claims, many of which straddle the Porcupine Destor Fault Zone, which is host to numerous gold mines and deposits, including the company's Holt and Holloway operations and the company's consolidated claim package over the highly prospective section of the Main and Amalgamated Breaks in the Kirkland Lake District, Carter added.
The offer is scheduled to close by July 7.
Kirkland Lake Gold is currently targeting annual gold production of between 270,000 and 290,000 ounces from the Macassa Mine Complex and the recently acquired East Timmins Operations.
