Kirkland Lake Gold introduces automatic share purchase plan
(Kitco News) - Kirkland Lake Gold (TSX:KL) (NYSE:KL) (ASX:KLA) announced Monday that it has entered into an automatic share purchase plan (the "ASPP") with its designated broker to facilitate repurchases of Kirkland Lake Gold's common shares under its previously announced normal course issuer bid ("NCIB").
According to the company's statement, the ASPP is intended to allow for the purchase of shares under the NCIB at times when the company may not ordinarily be permitted to purchase its shares due to regulatory restrictions and self-imposed blackout periods.
Under the current terms of the NCIB previously announced which commenced June 9, 2021, Kirkland Lake Gold can purchase up to 26,694,051 shares until the expiry of the NCIB on June 8, 2022.
Pursuant to the ASPP, the company said that the designated broker may purchase up to 5,000,000 Shares until the expiry of the NCIB on June 8, 2022. Such purchases will be determined by the broker at its sole discretion based on the purchasing parameters set out by the company in accordance with the rules of the Toronto Stock Exchange, applicable securities laws and the terms of the ASPP.
The company added that outside of the ASPP, shares may continue to be purchased under the NCIB based on management's discretion, in compliance with the rules of the TSX and applicable securities laws. All purchases made under the ASPP will be included in the number of shares available for purchase and cancellation under the NCIB.
Kirkland Lake Gold 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.