Kirkland Lake Gold Inc., which operates the Macassa Mine in the Kirkland Lake camp, has entered into an agreement with Wellington West Capital Markets for a private placement for gross proceeds of $37.1 million.
The net proceeds will be used for working capital and general corporate purposes. The offering will close on Sept. 10 and is subject to regulatory approval.
The company's sales and production report for the quarter ending July 31, 2009 indicate Kirkland Lake Gold poured and sold 21,014 ounces of gold. This marks a quarterly record for the company.
This production milestone was reached despite a paste fill system bore hole that was blocked in late June. A replacement has been drilled from surface and is 60 per cent complete.
Back fill activities are due to resume by early-to-mid September.
.jpeg;w=120;h=80;mode=crop)
