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Orla Mining Announces Early Warrant Exercise Incentive Program to Raise up to $4.2 Million
Vancouver, British Columbia--(Newsfile Corp. - May 14, 2019) - Orla Mining Ltd. (TSX: OLA) ("O...
About this update from Orla Mining Ltd.
[{"type":"text","content":"Orla Mining Announces Early Warrant Exercise Incentive Program to Raise up to $4.2 MillionVancouver, British Columbia--(Newsfile Corp. - May 14, 2019) - Orla Mining Ltd. (TSX: OLA) (\"Orla\" or the \"Company\") is pleased to announce an Early Warrant Exercise Incentive Program (\"Incentive Program\") for the 6,737,500 warrants outstanding having an exercise price of $0.62 and expiring on July 8, 2021 (the \"2021 Warrants\"). The Incentive Program is designed to encourage the early exercise of the unlisted 2021 Warrants during a 30-day early exercise period (the \"Incentive Period\") expected to commence on June 13, 2019. Under the Incentive Program, holders of the 2021 Warrants (the \"Warrantholders\") will be entitled to receive one full new warrant (the \"Incentive Warrant\") upon the exercise of each 2021 Warrant during the Incentive Period. Each Incentive Warrant will be exercisable into one common share of Orla at a price of $1.65 for a period of 3 years, expiring on June 12, 2022. In the event all 2021 Warrants are exercised during the Incentive Period:Orla currently expects to receive gross proceeds of $4.2 million on or before July 12, 2019 (the last day of the Incentive Period);Orla currently expects it will issue 6,737,500 Incentive Warrants with an exercise price of $1.65, and expiring on June 12, 2022.Orla intends to use the proceeds from this program to complete the feasibility study on the Camino Rojo Oxide Project, continue regional exploration efforts and to allow flexibility on the timing of ordering certain long-lead items once a construction decision has been determined for the Camino Rojo Oxide Project. The Incentive Program is intended to provide a cost-effective source of financing for Orla.Each 2021 Warrant that is not exercised during the Incentive Period will remain outstanding and continue to entitle the holder thereof to acquire one common share of Orla at the exercise price of $0.62 until July 8, 2021.The independent members of the board of directors of Orla, who are not Warrantholders, approved the terms of the Incentive Program and the submission of the Incentive Program to disinterested shareholders of the Company for their approval at the upcoming Annual and Special Meeting of the shareholders of the Company to be held on June 12, 2019. The Incentive Program is subject to the receipt of all requir...