Eric Sprott Announces Holdings in Kirkland Lake
Toronto, Ontario--(Newsfile Corp. - February 26, 2019) - Eric Sprott announces that he directly and indirectly owns and controls 20,571,695 common shares (shares) of Kirkland Lake Gold (TSX: KL), representing approximately 9.8% of the outstanding shares on a non-diluted basis and 9.9% on a partially diluted basis assuming exercise of his options. This press release is being issued pursuant to Canadian early warning requirements because the sale of shares, as described below, combined with Kirkland Lake's various treasury issuances, has resulted in Mr. Sprott's beneficial holdings of shares to decrease to less than 10% of the outstanding shares.
On February 25, 2019, 2176423 Ontario Ltd., a corporation beneficially owned by Mr. Sprott, sold through the Toronto Stock Exchange, 318,900 shares, representing approximately 0.2% of the outstanding shares, at a price of approximately $47.05 per share for total consideration of approximately $15.0 million. Prior to this disposition, Mr. Sprott, directly and indirectly, owned and controlled 20,890,595 shares and options to acquire 150,002 shares representing approximately 9.9% of the outstanding shares of Kirkland Lake on an undiluted basis and 10.0% on a partially diluted basis.
The shares are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Kirkland Lake is located at 200 Bay Street, Suite 3120, Toronto, ON M5J 2J1. A copy of the early warning report with respect to the foregoing will appear with Kirkland Gold's profile on SEDAR at www.sedar.com and may also be obtained by calling (416) 362-7172.