Eric Sprott leads $14.1M placement for miner Kirkland Lake Discoveries
What's the deal? Kirkland Lake Discoveries Corp.Dealroom has a profile for this one. Try Dealroom → has closed an upsized brokered private placement for gross proceeds of US$14.8M, led by a strategic investment from resource investor Eric SprottDealroom has a profile for this one. Try Dealroom →. The Vancouver-based miner, listed on the TSX Venture Exchange, announced the close on October 8, 2026.
How it's structured: The offering combined three tranches — 29,457,000 flow-through shares at US$0.29, 5,714,000 special flow-through shares at US$0.35, and 16,066,510 common shares at US$0.26. Canaccord Genuity Corp.Dealroom has a profile for this one. Try Dealroom → and CFT Financial CorporationDealroom has a profile for this one. Try Dealroom → acted as co-lead agents and co-bookrunners, exercising their option to upsize in full.
What's the endgame? Proceeds from the flow-through shares must fund eligible Canadian exploration expenses by December 31, 2027, with the company renouncing those tax benefits to subscribers. Net proceeds from the common shares will go to general corporate purposes.
Why now? The company says the raise positions it to advance drill-ready targets across its Kirkland Lake portfolio. Sprott's participation is "a strong endorsement of our team," said chief executive officer Stefan Sklepowicz, who called the investor a "cornerstone."
The signal: At roughly $14.1 million, the deal sits in the 93rd percentile of non-VC private placements in its category across Canada over the trailing 48 months — an outsized ticket for an early-stage explorer, and a reminder of how heavily junior mining still leans on flow-through financing and marquee backers like Sprott.
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Image credit: Warrior Gold Inc.
