Orla Mining (OLA-V) skin in the game, insiders approximately 46 per cent of the total financing.
July 8, '16 - NR
Orla Mining has closed its previously announced non-brokered private placement financing for gross proceeds of C$7,000,000.
The Company issued 14,000,000 units (the "Units") at a price of C$0.50 per Unit. Each Unit consists of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share of the Company (a "Warrant Share") at an exercise price of C$0.62 until July 8, 2021. The Common Shares, Warrants and Warrant Shares are subject to a four month and one day statutory hold period expiring on November 9, 2016.
Insiders of the Company comprised of approximately 46% of the total financing.
The Company intends to use the net proceeds to further asset review and evaluation opportunities, and for general working capital purposes.
The securities issued under the private placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Orla Mining's securities in the United States.
On behalf of the Board of Directors,
Troy Fierro, Chairman
About Orla Mining
Orla Mining is a closely held mineral exploration company led by a group of seasoned mining executives. The Company's focus will be to acquire mineral exploration opportunities where the Company's exploration and development expertise and corporate share structure could substantially enhance shareholder value.
Orla Mining Ltd.
Marc Prefontaine
604 681-8030 ext. 225
Orla Mining Ltd.
Investor Relations Inquiries
info@orlamining.com |
