Kirkland Lake Gold closes £19m private placing
05 February 2010
Canadian mining group Kirkland Lake Gold has netted C$32 million (£19 million) in a private placement that was launched in January.
Proceeds of the fundraising will be used for exploration and development of the company's five major gold properties in Kirkland Lake, Ontario, working capital and general corporate purposes.
Company chairman, Harry Dobson, said: “Kirkland Lake Gold has grown over the last year to over 425 employees. As we make the transition from a development company to an intermediate gold producer, we are focused on delivering the development work required to increase daily production and extend the life of our mine in a conscientious and timely matter, concurrent with continuing our aggressive exploration and ore-body definition program to expand our resource at the high grade South Mine Complex.”
The offering was underwritten by a syndicate of underwriters, led by Wellington West Capital Markets and including Dundee Securities, and acting as a placement agent, Ocean Equities Ltd.
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