Orla announces C$43m financing
Toronto-listed Orla Mining’s share price jumped 10% on Wednesday, as the company announced a nonbrokered prospectus financing to raise C$43.15-million.
The financing consists of about 9.09-million common shares at C$4.75 each.
Mexico-focused Orla said a “large institutional investor”, as well as existing shareholders Pierre Lassonde, Agnico Eagle Mines and Trinity Capital Partners subscribed for the offering.
Orla did not name the institutional investor, but CEO Jason Simpson said that the company was pleased to add “another large, reputable institution” as a shareholder.
The net proceeds from the financing would be used for development activities at the Camino Rojo oxide gold project and at the Cerro Quema oxide gold project, exploration activities, technical studies on the Camino Rojo sulphide project, and for general corporate purposes.
Orla’s stock closed at C$5.12 a share on Wednesday.
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