Deal funds asset review and evaluation opportunities, working capital
By Devika Patel
Knoxville, Tenn., June 27 – Orla Mining Ltd. said it plans a C$6 million non-brokered private placement of units.
The company will sell 12 million units of one common share and one half-share warrant at C$0.50 per unit.
Each whole warrant will be exercisable at C$0.62 for five years. The strike price reflects a 181.82% premium to the June 24 closing share price of C$0.22.
Settlement is expected July 15.
Proceeds will be used for asset review and evaluation opportunities and general working capital purposes.
The gold explorer is based in Toronto.
| Issuer: | Orla Mining Ltd.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$6 million
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| Units: | 12 million
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$0.62
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| Agent: | Non-brokered
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| Pricing date: | June 27
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| Settlement date: | July 15
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| Stock symbol: | TSX Venture: OLA
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| Stock price: | C$0.22 at close June 24
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| Market capitalization: | C$8.55 million
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