11:51 AM EDT, 09/05/2017 (MT Newswires) -- Kirkland Lake Gold (KL.TO) climbed to an all-time high after it said Tuesday it has entered into a term sheet agreement to acquire an additional 14 million units in Novo Resources for C$4 apiece, increasing its stake in Novo to approximately 18.2%.

Each unit consists of one common share and one common share purchase warrant.

As part of the agreement, Kirkland Lake Gold will retain an anti-dilution right, which grants the company the right (but not the obligation) to participate, on a pro rata basis, in any future financing undertaken by Novo to the extent required to allow the company to maintain the same equity ownership interest in Novo that it possessed immediately prior to announcement of a financing such that the company does not suffer any equity dilution.

Price: 16.72 , Change: +0.30 , Percent Change: +1.8