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Orla Mining completes second tranche drawdown of US$50 million on Project Finance Facility
Orla Mining completes second tranche drawdown of US$50 million on Project Finance Facilit...
About this update from Orla Mining Ltd.
[{"type":"text","content":"\n \n \n \n Orla Mining completes second tranche drawdown of US$50 million on Project Finance Facility\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Nov. 2, 2020\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 2, 2020\n \n /CNW/ -\n \n Orla Mining Ltd.\n \n (TSX: OLA) (\"Orla\" or the \"Company\") is pleased to announce that the Company has completed the second tranche drawdown of\n \n US$50 million\n \n on its previously announced Project Finance Facility (\"Credit Facility\"). The funds will be used towards the development of the Camino Rojo Oxide Gold Project (\"Camino Rojo\") located in Zacatecas State,\n \n Mexico\n \n .\n \n \n All conditions precedent for the second drawdown have been satisfied, including the receipt of key mine permits at Camino Rojo. To date,\n \n US$75 million\n \n of the\n \n US$125 million\n \n Credit Facility has been drawn. Under the terms of the Credit Facility, the third and final tranche of\n \n US$50 million\n \n must be drawn within six months of the second tranche and remains subject to meeting certain conditions precedent. The term of the Credit Facility is five years and bears interest at 8.8% per annum. For additional details on the Credit Facility, please refer to the Company's News Releases dated\n \n October 21, 2019\n \n and\n \n December 18, 2019\n \n .\n \n \n Orla has the two principal permits necessary and construction activities at Camino Rojo are underway. At the end of the third quarter of 2020, detailed engineering was 87% complete and commitments for equipment and contracts totalled\n \n US$67 million\n \n . Current construction activities include mobilization of the earthworks contractor, installation of the construction camp and offices, and site fence erection. A power line to site has been approved by the federal electricity commission (\"CFE\") and construction is currently underway ahead of schedule, which is anticipated to result in cost savings during the first year of operation. Process plant equipment, including crusher and conveyors, is expected to start a...