Kirkland Lake Gold Announces Suspension of Automatic Share Purchase Plan

Rhea-AI Summary

Kirkland Lake Gold Ltd. has announced the suspension of its automatic share purchase plan (ASPP) as of September 28, 2021, following a merger agreement with Agnico Eagle Mines Limited. The ASPP was initiated on June 21, 2021, to facilitate share repurchases without blackout restrictions. The company maintains its normal course issuer bid (NCIB), allowing the repurchase of up to 26,694,051 shares until June 8, 2022. To date, 3,392,100 shares have been repurchased through the NCIB. Kirkland Lake Gold aims to produce 1.3 million to 1.4 million ounces of gold in 2021.

Positive

• Suspension of ASPP indicates strategic alignment with Agnico Eagle Mines.
• Continued repurchase of shares under the NCIB shows confidence in stock value.
• Production target of 1.3 to 1.4 million ounces demonstrates strong operational performance.

Negative

• None.

TORONTO, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today reported that, following the announcement of a merger of equals agreement with Agnico Eagle Mines Limited, the Company has suspended its automatic share purchase plan (“ASPP”) effective today, September 28, 2021.

The ASPP was launched on June 21, 2021 in connection with the Company’s normal course issuer bid (“NCIB”) to allow for share purchases that would not be subject to black-out periods or other restrictions. The current NCIB remains in effect on the same terms and conditions as previously disclosed. Under the current NCIB, the Company can purchase up to 26,694,051 common shares until the expiry of the NCIB on June 8, 2022. A total of 3,392,100 common shares have been repurchased to date through the current NCIB, all of which were acquired through the ASPP. Except as set out in this press release, the Company is not aware of any material undisclosed information about its business or its securities.

About Kirkland Lake Gold Ltd.

Kirkland Lake Gold Ltd. is a senior gold producer operating in Canada and Australia that is targeting 1,300,000 – 1,400,000 ounces of production in 2021. The production profile of the Company is anchored by three high-quality operations, including the Macassa Mine and Detour Lake Mine, both located in Northern Ontario, and the Fosterville Mine located in the state of Victoria, Australia. Kirkland Lake Gold’s solid base of quality assets is complemented by district scale exploration potential, supported by a strong financial position with extensive management expertise.

For further information on Kirkland Lake Gold and to receive news releases by email, visit the website at www.kl.gold.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Anthony Makuch, President, Chief Executive Officer & Director Phone: +1 416-840-7884
E-mail: tmakuch@kl.gold

Mark Utting, Senior Vice President, Investor Relations Phone: +1 416-840-7884
E-mail: mutting@kl.gold Website : www.kl.gold

FAQ

What is the recent announcement from Kirkland Lake Gold (KL)?

Kirkland Lake Gold announced the suspension of its automatic share purchase plan following a merger agreement with Agnico Eagle Mines on September 28, 2021.

What is the significance of the automatic share purchase plan suspension for KL?

The suspension of the ASPP may indicate a strategic shift following the merger agreement, allowing the company to focus on the integration with Agnico Eagle Mines.

How many shares has Kirkland Lake Gold (KL) repurchased under its NCIB?

As of the announcement, Kirkland Lake Gold has repurchased 3,392,100 shares under its normal course issuer bid.

What is Kirkland Lake Gold's production target for 2021?

Kirkland Lake Gold aims to produce between 1.3 million and 1.4 million ounces of gold in 2021.