Kirkland Lake Gold Ltd. raised C$7.0 million to fund exploration expenses at its Macassa and Holt gold mine complexes in Ontario.

Under the nonbrokered private placement, the company issued 691,700 flow-through common shares at C$10.12 apiece, the company said on Dec. 23.

In early December, Kirkland completed its merger with Newmarket Gold Inc., forming a new mid-tier gold company with a market capitalization of about C$2.4 billion.