Kirkland Lake Discoveries Corp. has completed the acquisition of the Mirado Gold Project, securing a 100 percent undivided interest in the mineral claims known collectively as the Mirado Property in the Kirkland Lake region of Ontario. The acquisition follows a previously announced purchase agreement with Orecap Invest Corp. and provides the company with full ownership of the project free of liens and encumbrances.
Under the terms of the transaction, Kirkland Lake Discoveries issued 40,582,767 common shares to Orecap Invest Corp. as consideration. The shares were valued at $0.215 each and represent approximately 19.9 percent of the company’s issued and outstanding common shares following closing of the acquisition. The consideration shares are subject to a statutory four-month hold period and a contractual lock-up period of twelve months.
Company management stated that full ownership of the Mirado project provides flexibility to advance exploration and test high-priority targets across the property. The acquisition adds another exploration asset to the company’s growing land position in the Kirkland Lake district, part of the Abitibi Greenstone Belt, where Kirkland Lake Discoveries holds a large regional exploration portfolio.