Kirkland Lake Discoveries Corp. Announces $7M Private Placement with Lead Orders of $6M

Core Viewpoint - Kirkland Lake Discoveries Inc. is proposing a non-brokered private placement to raise up to $7,000,000 through the issuance of flow-through shares and units, aimed at funding exploration activities and general working capital [1][3]. Group 1: Offering Details - The Offering will consist of flow-through shares priced at $0.30 each and units priced at $0.25 each, with the total gross proceeds expected to reach $7,000,000 [1]. - Each unit will include one common share and one half of a common share purchase warrant, with each whole warrant exercisable at $0.40 for 36 months [1]. - The proceeds from the flow-through shares will be used for Canadian exploration expenses qualifying as flow-through mining expenditures under the Income Tax Act (Canada) [3]. Group 2: Investor Participation - Initial lead orders have been secured from notable investors, including Eric Sprott, Rob McEwen, and Crescat Capital, totaling $6,000,000 [2]. - Certain insiders of the Company are expected to participate in the Offering, which is classified as a related party transaction under Multilateral Instrument 61-101 [6]. Group 3: Closing and Regulatory Aspects - The closing of the Offering is subject to customary conditions, including TSX Venture Exchange approval, and is expected to occur within 21 days of the announcement [4][7]. - All securities issued will be subject to a statutory hold period of four months and one day from the closing date [4]. Group 4: Company Overview - Kirkland Lake Discoveries Corp. has a 40,000-hectare exploration portfolio in Ontario's Abitibi Greenstone Belt, known for its prolific mining potential [8]. - The company is advancing multiple drill-ready targets across its KL East and KL West project areas, leveraging strong technical experience for efficient exploration [9].