Orla Mining (OLA-V) Announces Completion of Book Build for C$50 Million Private Placement
Sept 28, '16 - NR
Orla Mining and Pershimco Resourcesare (PRO-V) pleased to announce that, further to their joint news release on September 14, 2016, announcing the plan to combine Pershimco and Orla Mining, Orla Mining has successfully completed the book build for its previously announced private placement of subscription receipts in the amount of approximately C$50 million at a price of C$1.75 per Subscription Receipt. A syndicate of agents, led by GMP Securities L.P. as sole bookrunner and including BMO Capital Markets, TD Securities Inc. and Cormark Securities Inc., is acting on behalf of Orla Mining with respect to the Private Placement.
At closing of the Private Placement, the gross proceeds of the Private Placement will be deposited and held in escrow and will be released immediately prior to the completion of the Transaction upon satisfaction of certain conditions (the "Release Conditions"). Each Subscription Receipt will entitle the holder thereof to receive one common share of the combined company ("NewCo") upon completion of the Transaction.
The Private Placement is currently expected to close on or before October 13, 2016. Firm expressions of interest have been significantly in excess of C$50 million and closing is subject to standard industry conditions, including, but not limited to, receipt of TSX Venture Exchange approval, the entering into of an agency agreement and the return of properly completed subscription agreements.
Assuming the satisfaction of the Release Conditions, the net proceeds of the Private Placement will be used to repay any amounts owed to RK Mine Finance, for exploration growth at Cerro Quema and for general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities 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 may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
About Orla Mining
Orla Mining is a closely held mineral exploration company led by a group of seasoned mining executives. The Company's focus is to acquire mineral exploration opportunities where the Company's exploration and development expertise and corporate share structure could substantially enhance shareholder value.
About Pershimco Resources
Pershimco Resources is a mineral exploration and development company with a near-term gold oxide production scenario and a copper-gold porphyry target at its 100%-owned Cerro Quema Project in Panama. Cerro Quema's sizable concession boasts paved road access, no indigenous communities and the most favorable climate for mining in the country. Pershimco is currently in the last stage of the permitting process for its proposed gold oxide heap leach operation.
Additionally, the Cerro Quema Project has proven to have significant exploration upside with resource expansion potential in over multiple oxide targets identified along a 17 km trend, gold and copper in the sulphide system below the oxide caps, as well as porphyry indicators along a 12 km strike length that highlights the potential for a nearby copper-gold porphyry system. Please refer to the Cerro Quema Project - Pre-Feasibility Study on the La Pava and Quemita Oxide Gold Deposits, available on the Company's website, and filed on SEDAR on August 22, 2014 as well as to the press release of July 8, 2014.
Orla Mining Ltd.
Marc Prefontaine M.Sc., P.Geo.
President & Chief Executive Officer
604-681-8030
marc@orlamining.com
Pershimco Resources Inc.
Alain Bureau, P. Eng.
President & Chief Executive Officer
819-797-2180
ressources@pershimco.ca
Pershimco Resources Inc.
Elina Chow
Investor Relations
416-845-8495
info@pershimco.ca |
