Kirkland Lake Gold Inc.
TSX : KGI

Kirkland Lake Gold Inc.

October 23, 2015 17:01 ET

Kirkland Lake Gold Announces Results of Annual Meeting of Shareholders

TORONTO, ONTARIO--(Marketwired - Oct. 23, 2015) - Kirkland Lake Gold Inc. ("KL Gold" or the "Company") (TSX:KGI), an operating and exploration gold company with operations in Ontario, Canada, reports that at the annual meeting of shareholders held on October 22nd, 2015, all resolutions proposed to shareholders were duly passed.

Based on proxies received, 58,652,708 common shares of the Company, representing 72.77% of the Company's issued and outstanding common shares were voted and the following individuals were elected as directors of the Company until the next annual meeting of shareholders. The results are set out below:

Name of Nominee Votes
cast FOR
% votes
cast FOR
Votes
WITHHELD
% of Votes
WITHHELD
Barry Cooper 46,477,535 83.08 % 9,466,080 16.92 %
Pamela Klessig 46,468,567 83.06 % 9,475,048 16.94 %
George Ogilvie 55,861,897 99.85 % 81,718 0.15 %
Barry Olson 46,456,067 83.04 % 9,487,548 16.96 %
Jeffrey Parr 46,441,335 83.01 % 9,502,280 16.99 %
Eric Sprott 55,781,465 99.71 % 162,150 0.29 %
Dawn Whittaker 47,800,665 85.44 % 8,142,950 14.56 %

In addition, the new incentive plan of the Company (the "New Incentive Plan") has been passed by a majority of shareholders. The aggregate number of common shares reserved for issuance to participants under the New Incentive Plan and all other share compensation arrangements of the Company will not exceed an aggregate of 7% of the issued and outstanding common shares of the Company on a fixed basis, less any common shares underlying options outstanding under the old stock option plan. The implementation of the New Incentive Plan will provide the Company with a flexible and long-term incentive compensation structure designed to address the continuing development of innovative compensation practices within the employment marketplace.

Below is a summary of the compensation policy which has been approved by the Board of Directors with respect to the New Incentive Plan:

  • The aggregate number of Common Shares issued pursuant to the New Incentive Plan to independent directors together with any shares issued pursuant to any other security based compensation arrangement shall not exceed 1% of the total number of outstanding common shares of the Company on a non-diluted basis and the award value of all awards (together with the award value of all other rights granted under any other security based compensation arrangement) to the eligible director shall not exceed $100,000 per year per eligible director.
  • Options will be available for employees and executive directors only and will not be issuable to independent directors.

For detailed voting results on each resolution, please refer to the Company's Report of Voting Results filed on SEDAR at www.sedar.com.

About the Company

Kirkland Lake Gold Inc. is a gold producer with assets in Kirkland Lake, northeastern Ontario. Current gold production is in excess of 150,000 ounces per year and is expected to grow to over 180,000 ounces per year in the next three years as exploration and development work continue. The exploration program is aimed at maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years, with the current mine life estimated at between ten to fourteen years of production in a high grade gold camp.

The Company is committed to building a sustainable mining company that is recognized as a safe and responsible gold producer. Kirkland Lake Gold plans to evolve into an intermediate gold mining company centred in the historically robust Kirkland Lake gold camp, while evaluating opportunities for growth in other safe mining jurisdictions.

The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Kirkland Lake Gold Inc.
    George Ogilvie, P.Eng
    Chief Executive Officer
    +1 416-840-7884 or Toll Free: 1-866-384-2924
    gogilvie@klgold.com

    Kirkland Lake Gold Inc.
    Suzette N. Ramcharan, CPIR
    Director of Investor Relations
    Direct: +1 647-361-0200 or Mobile: +1 647-284-5315
    sramcharan@klgold.com
    www.klgold.com