The Lucky Strike Deal (Reader's Digest version)Abbreviated,
Warrior Gold did a 4:1 reverse split from 120m to 30m shares and name change to Kirkland Lake Discoveries Corp and will trade under symbool KLDC. NFG was granted 28.61m shares in exchange for the Lucky Strike project property rights. Separate investors paid KLDC just under $8 million for 30.25m newly issued shares of KLDC. KLDC now has 88.9m shares, NFG owns approximately 32% of KLDC.
The property rights of Warrior Gold was 21,500 Hectares and the Lucky Strike property was 10,000 hectares so we now have rights to one third of a property 3 times the size of Lucky Strike. A 20,000 meter drill program is proposed and we went from inactive to active with the property. Seems like a decent deal for NFG and Warrior Gold.
Tom K
any corrections appreciated