Kirkland Lake Gold (KL)

[NYBob]

Kirkland Lake Gold Renews Normal Course Issuer Bid
May 27 2019
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TORONTO, May 27, 2019 (GLOBE NEWSWIRE) --

Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) is pleased to announce that it has received acceptance from the Toronto Stock Exchange (the “TSX”) to renew its normal course issuer bid (“NCIB”).
The NCIB allows Kirkland Lake Gold to purchase up to 20,989,692 common shares of the Company (the “Shares”), representing 10% of the current issued and outstanding Shares in the public float as of May 22, 2019. As at May 22, 2019, the Company had 210,011,669 Shares issued and outstanding.


https://www.klgold.com/news-and-media/news-releases/press-release-details/2019/Kirkland-Lake-Gold-Renews-Normal-Course-Issuer-Bid/default.aspx


Tony Makuch, President and CEO, commented: “Kirkland Lake Gold has established a solid track record for creating shareholder value, with our share price increasing over 500% since the beginning of 2017. The keys to achieving superior returns have been strong operating results, industry-leading earnings and cash flow generation and growth, ongoing exploration success, and a commitment to directly rewarding shareholders for their commitment to our company. We introduced a quarterly dividend in March 2017 and have since increased it four times. In May 2017, we launched an NCIB program and, since that time, have repurchased over seven million shares. The NCIB is an important component of our value creation strategy as the repurchase of shares provides a permanent favourable impact to earnings and cash flow per share metrics. Given the significant potential upside we see in our current share price, based on our expectation for continued strong operating and financial results, as well as the substantial exploration potential we have at Fosterville, Macassa and other targets, we plan to use the NCIB over the next year to support continued value creation.”

­­The average daily trading volume for the six months’ period ended April 30, 2019, less prior NCIB purchases made on the TSX, was 826,974. Under the renewed NCIB, the maximum number of securities that the Company may purchase on a daily basis, other than block purchase exemptions, are 206,743 Common Shares. The actual number of Common Shares purchased for cancellation and the timing of such purchase will be determined by the Company. There cannot be any assurance as to how many Common Shares will ultimately be purchased for cancellation under the NCIB.

The Board of Directors of Kirkland Lake Gold has determined that the repurchase of Common Shares pursuant to the proposed NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of Kirkland Lake Gold shareholders.

Under the previous NCIB, the Company sought and received approval from the TSX to purchase up to 16,456,561 Shares for the period of May 22, 2017 to May 21, 2019. The Company purchased 1,970,400 Shares pursuant to the previous NCIB in the last twelve months at an average price of C$28.43 per Share on the TSX and alternates.

About Kirkland Lake Gold Ltd.

Kirkland Lake Gold Ltd. is a growing gold producer operating in Canada and Australia that produced 723,701 ounces in 2018 and is on track to achieve significant production growth over the next three years, including target production of 950,000 – 1,000,000 ounces in 2019, 930,000 – 1,010,000 ounces in 2020 and 995,000 – 1,055,000 ounces in 2021. The production profile of the Company is anchored by two high-grade, low-cost operations, including the Macassa Mine 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 and operational expertise.

Cautionary Note Regarding Forward-Looking Information

https://www.klgold.com/news-and-media/news-releases/press-release-details/2019/Kirkland-Lake-Gold-Renews-Normal-Course-Issuer-Bid/default.aspx

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