Deal funds asset review and evaluation opportunities, working capital
By Devika Patel
Knoxville, Tenn., June 30 – Orla Mining Ltd. said it increased its non-brokered private placement of units to C$7 million from C$6 million. The deal priced on June 27.
The company will now sell 14 million units of one common share and one half-share warrant at C$0.50 per unit.
Each whole warrant is 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 8.
Proceeds will be used for asset review and evaluation opportunities and for general working capital purposes.
The gold explorer is based in Toronto.
| Issuer: | Orla Mining Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$7 million
|
| Units: | 14 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.62
|
| Agent: | Non-brokered
|
| Pricing date: | June 27
|
| Upsized: | June 30
|
| Settlement date: | July 8
|
| Stock symbol: | TSX Venture: OLA
|
| Stock price: | C$0.22 at close June 24
|
| Market capitalization: | C$8.55 million
|
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