Loading ...Kirkland Lake Gold (TSX, NYSE:KL) has almost doubled its stake in fellow Canadian precious metals explorer Osisko Mining (TSX:OSK) by acquiring about 15 million common shares for around C$25 million ($19m) in cash.
With the investment, the Toronto-based miner increased its interest from the existing 8.58% to 13.61%, while its shareholding in Osisko now stands at 32,627,632 shares.
The move also expands Kirkland’s ownership of interest in the Urban Barry area of northwestern Quebec, which the company believes to be “highly prospective mining camp in the prolific Abitibi-Greenstone belt.”
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