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Kirkland Lake Gold investing C$7.3M in Metanor Resources

Metanor Resources Inc. said April 4 that it will undertake a private placement of up to 142,857,142 units at 7 Canadian cents apiece to raise C$10 million.

As part of the offering, Kirkland Lake Gold Ltd. will acquire up to 103,571,429 units for approximately C$7.3 million in proceeds.

Each unit will comprise 1 common share and 0.5 of a common share purchase warrant, with each whole warrant exercisable at 9 cents per share for 24 months from closing.

Additionally, private investment funds managed by Wexford Capital LP will subscribe for 18,750,000 units for proceeds of over C$1.3 million. Wexford will hold 14.2% of the issued and outstanding shares on a nondiluted basis and 19.9% on a partially diluted basis upon completion of the offering.