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Kirkland Lake doubles Novo stake

Kirkland Lake Gold (CN:KL) has doubled down on its Australia commitment by spending C$56 million (US$45 million) on a 9% stake in explorer Novo Resources Corp (CN:NVO), bringing its holdings in the company to 18.2%.

Kirkland Lake doubles Novo stake Kirkland Lake doubles Novo stake Kirkland Lake doubles Novo stake Kirkland Lake doubles Novo stake Kirkland Lake doubles Novo stake

Novo, thanks to its gold nuggets, has been a market darling in recent months

Kirkland Lake entered into a term sheet agreement with Novo to acquire 14 million units at $4 apiece (a premium on Novo’s prior closing price of $3.