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Eric Sprott announces that today, 2176423 Ontario Ltd. (a corporation he beneficially owns) acquired 8,572,000 common share (Shares) of Kirkland Lake Discoveries Corp., pursuant to a private placement, at $0.35 per Share for aggregate consideration of $3,000,200.00.
Prior to the acquisition, Mr. Sprott beneficially owned and controlled 17,009,250 Shares and 2,000,000 Share purchase warrants (Warrants) representing approximately 8.1% of the outstanding Shares on a non-diluted basis and approximately 9.0% on a partially diluted basis assuming the exercise of all such Warrants. Mr. Sprott now beneficially owns and controls 25,581,250 Shares and 2,000,000 Warrants representing approximately 9.8% of the outstanding Shares on a non-diluted basis and approximately 10.5% on a partially diluted basis assuming the exercise of such Warrants being an increase in holdings above 10% and, therefore, the filing of an early warning report.
The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including 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 Discoveries is located at 1055 West Georgia Street, Suite 2129, Vancouver, British Columbia V6E 3P3. A copy of the early warning report with respect to the foregoing will appear on Kirkland Lake Discoveries' profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, Ontario M5C 3C5).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318125
