Kirkland Lake closes $12.72-million private placement

Executive Summary

• Kirkland Lake Discoveries Corp. has closed a non-brokered private placement raising aggregate gross proceeds of $12,721,316.65.
• The financing includes the issuance of charity flow-through units, hard-dollar units, and flow-through shares, with an insider participating in the offering.
• Proceeds are designated for eligible Canadian exploration expenses (flow-through mining expenditures) and general corporate purposes.

Key Details

• Aggregate Gross Proceeds: $12,721,316.65.
• Issuance Breakdown:
  • 7.6 million charity flow-through units at $0.37 per unit.
  • 25,529,727 hard-dollar units at $0.25 per unit.
  • 11,756,283 flow-through shares at $0.30 per share.
• Insider Participation: An insider (greater-than-10% shareholder) acquired 4 million FT units for $1.48 million, constituting a related-party transaction under Multilateral Instrument 61-101.
• Warrant Terms (Units): Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant allows acquisition of one additional share (non-flow-through) at an exercise price of $0.40 for 36 months.
• Warrant Terms (FT Units): Each FT unit consists of one flow-through share and one-half of one warrant. Each whole warrant allows acquisition of one additional share (non-flow-through) at an exercise price of $0.40 for 36 months.
• Finder’s Fees: Aggregate cash commissions of $274,981 and 933,935 broker warrants (exercisable at $0.40/share for 36 months).
• Statutory Hold Period: Securities are subject to a hold period expiring Feb. 23, 2026 (four months and one day from closing).
• Use of Proceeds: FT units and FT shares funds used for eligible Canadian exploration expenses; unit funds used for general corporate purposes.
• Marketing Agreement: Entered into a 365-day advertising and e-marketing contract with Revolution Small Cap Marketing starting Oct. 27, 2025, for $100,000 plus taxes.
• Regulatory Status: Offering subject to final approval of the TSX Venture Exchange.

Notable Quotes

• "This financing represents a major vote of confidence in our vision and our team. With over $12-million in new capital, KLDC is now fully funded to advance multiple high-priority drill targets across our extensive land position in Kirkland Lake. We're excited to drive increased momentum and demonstrate the discovery potential of this exceptional district." — Stefan Sklepowicz, CEO