Kirkland Lake Gold Inc.

KGI is an operating and exploration gold Company in Kirkland Lake, Ontario which is located in the Lower Abitibi Greenstone belt in northeastern Ontario.

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Message: Private Placement of 2,200,000 Units for Proceeds of CDN$10.67 Million
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Private Placement of 2,200,000 Units for Proceeds of CDN$10.67 Million

posted on Feb 02, 2009 10:45AM
February 2, 2009
Kirkland Lake Gold Inc.: Private Placement of 2,200,000 Units for Proceeds of CDN$10.67 Million
KIRKLAND LAKE, ONTARIO--(Marketwire - Feb. 2, 2009) - Kirkland Lake Gold Inc. (the "Company") (TSX:KGI)(AIM:KGI) is pleased to announce it has received subscriptions pursuant to a non-brokered private placement for 2,200,000 units at a price of CDN$4.85 per unit for gross proceeds of CDN$10.67 million. Each unit shall consist of one common share and one quarter of a share purchase warrant. Each whole warrant is exercisable to purchase one common share for a period of 12 months from the date of issue at a price of CDN$5.50. Closing is anticipated to occur within the next week upon receipt of the balance of the subscription funds.

The common shares issued and issuable pursuant to the private placement will be subject to restrictions on their transfer for a period of four months from the date of their issue.

The proceeds from the financing will be used for working capital and to fund further development of the Company's Kirkland Lake, Ontario mining operations.

Application will be made to the AIM Market of the London Stock Exchange for the shares issued on closing, and when issued, any shares issued on the exercise of the warrants, to be admitted for trading. It is expected that trading in the shares issued on closing will commence following the expiry of the four month hold period applicable under Canadian securities legislation.
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