VANCOUVER, BC, July 14, 2021 /CNW/ - Orla Mining
Ltd. (TSX: OLA) (NYSE American: ORLA) ("Orla" or the
"Company") is pleased to announce that it has closed its
previously announced non-brokered prospectus financing
consisting of 9,085,263 common shares (the "Common Shares") priced
at C$4.75 per common share for total
gross proceeds of US$35,000,000
(C$43,155,000) (the "Offering").
The Offering was subscribed to by certain accredited investors
under applicable securities laws, including a large institutional
investor, Pierre Lassonde, Agnico
Eagle Mines Limited, and Trinity Capital Partners Corporation. The
net proceeds from the Offering will 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, as further detailed in the prospectus supplement.
The Common Shares were offered in Canada by way of a prospectus supplement which
was filed on July 5, 2021 in all
provinces and territories of Canada, except Québec, and in
the United States pursuant to a
"shelf" registration statement on Form F-10 (File No. 333-252957)
previously filed and declared effective by the U.S. Securities and
Exchange Commission (SEC) on March 15,
2021 under the multi-jurisdictional disclosure system
adopted by the securities regulatory authorities in Canada and the
United States. The Offering was made only by means of a
prospectus supplement and accompanying prospectus that forms a part
of the registration statement.
This press release shall not constitute investment advice or an
offer to sell or the solicitation of an offer to buy securities in
the United States.
About Orla Mining Ltd.
Orla is developing the Camino
Rojo Oxide Gold Project, an advanced gold and silver open-pit and
heap leach project, located in Zacatecas State, Central Mexico. The project is 100% owned by
Orla and covers over 160,000 hectares. The technical report for the
2021 Feasibility Study entitled "Unconstrained Feasibility Study NI
43-101 Technical Report on the Camino Rojo Gold Project –
Municipality of Mazapil, Zacatecas,
Mexico" dated January 11,
2021, is available on SEDAR and EDGAR under the Company's
profile at www.sedar.com and www.sec.gov, respectively. The
technical report is also available on Orla's website at
www.orlamining.com. Orla also owns 100% of the Cerro Quema Project
located in Panama which includes a
near-term gold production scenario and various exploration targets.
The Cerro Quema Project is a proposed open pit mine and gold heap
leach operation. Please refer to the "Cerro Quema Project –
Pre-feasibility Study on the La Pava and Quemita Oxide Gold
Deposits" dated August 15, 2014,
which is also available on SEDAR at www.sedar.com.
Forward-looking Statements
This news release contains certain "forward-looking
information" and "forward-looking statements" within the meaning of
Canadian securities legislation and within the meaning of
Section 27A of the United States Securities Act of 1933, as
amended, Section 21E of the United States Exchange Act of 1934, as
amended, the United States Private Securities Litigation
Reform Act of 1995, or in releases made by the United States
Securities and Exchange Commission, all as may be amended from time
to time, including, without limitation, statements with
respect to the use of funds, the Company's construction and
operation of projects, as well as its objectives and strategies.
Forward-looking statements are statements that are not historical
facts which address events, results, outcomes or developments that
the Company expects to occur. Forward-looking statements are based
on the beliefs, estimates and opinions of the Company's management
on the date the statements are made and they involve a number of
risks and uncertainties. Certain material assumptions regarding
such forward-looking statements were made, including without
limitation, that all necessary approvals for the offering will be
received, that there will be no material adverse change affecting
the Company or its properties; that all required approvals will be
obtained; that political and legal developments will be consistent
with current expectations; that currency and exchange rates will be
consistent with current levels; and that there will be no
significant disruptions affecting the Company or its properties.
Consequently, there can be no assurances that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements involve significant known and unknown
risks and uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to: risks related to failure to obtain necessary approvals,
uncertainties inherent in the preparation of feasibility studies,
including but not limited to, assumptions underlying the production
estimates not being realized, changes to the cost assumptions,
variations in quantity of mineralized material, grade or recovery
rates, changes to geotechnical or hydrogeological considerations,
failure of plant, equipment or processes, changes to availability
of power or the power rates, ability to maintain social license,
changes to interest or tax rates, changes in project parameters,
delays and costs inherent to consulting and accommodating rights of
local communities, environmental risks, title risks, commodity
price and exchange rate fluctuations, risks relating to COVID-19,
delays in or failure to receive access agreements or amended
permits, risks inherent in the estimation of mineral reserves and
mineral resources; and risks associated with executing the
Company's objectives and strategies, including costs and expenses,
as well as those risk factors discussed in the Company's most
recently filed management's discussion and analysis, as well as its
annual information form dated March 29,
2021, available on www.sedar.com and www.sec.gov. Except as
required by the securities disclosure laws and regulations
applicable to the Company, the Company undertakes no obligation to
update these forward-looking statements if management's beliefs,
estimates or opinions, or other factors, should change.
SOURCE Orla Mining Ltd.