Kirkland Lake Gold seeks $32M financing, expands South Mine Complex

 
Kirkland Lake Gold Inc. (TSX: KGI) has announced an agreement for a bought deal private placement worth approximately $32 million.

The deal is being led by a group of underwriters, headed up by Wellington West Capital Markets, and includes Dundee Securities Corporation.

The placement was initially announced at $20 million on Jan. 13, but was increased to its current total just one day later. The underwriters may further expand the offering to $37 million within 24 hours prior to the close of the offering, which is expected to occur on or about Feb. 4.

Net proceeds from the private placement will be used for working capital and general corporate purposes.

Kirkland Lake Gold has also discovered two new high-grade gold zones east of and below the South Mine Complex on its fully owned Macassa property, where some production is already being seen.