Kirkland Lake starts normal course bid for up to 10% of convertibles

New York, April 4 – Kirkland Lake Gold Inc. said the Toronto Stock Exchange has accepted its normal course issuer bid to buy up to 10% of its 6% convertible unsecured subordinated debentures and its 7.5% convertible unsecured subordinated debentures.

The company will be able to purchase up to C$5,690,300 of the 6% convertibles and C$6.21 million of the 7.5% convertibles from April 6 through April 5, 2017.

As of March 31, Kirkland Lake had C$56,903,000 of the 6% convertibles and C$62.1 million of the 7.5% convertibles outstanding.

The repurchases will produce long-term cash savings by reducing interest payments and may also cut potential future dilution of the company’s shares, according to a news release.

Kirkland Lake had a previous normal course issuer bid that ended on April 2. Under the program, it bought C$597,000 of the 6% debentures at a weighted average price of C$98.30 and C$6.9 million of the 7.5% debentures at a weighted average price of C$96.50.

Kirkland Lake is a Toronto-based gold producer.

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