|Date Closed:||December 06, 2016|
|Client Name:||Orla Mining Ltd.|
In connection with the completion of the transaction, the proceeds of Orla’s previously completed $50-million private placement of subscription receipts released from escrow and the underlying common shares were issued.
The common shares of NewCo commenced trading on the TSX Venture Exchange under the symbol “OLA” on December 7, 2016.
Following closing, approximately 53.1 per cent of the common shares of NewCo are held by former shareholders of Orla and 46.9 per cent of the common shares of NewCo are held by former shareholders of Pershimco. Additionally, NewCo has approximately 11.44 million class A shares issued and outstanding, which are all held by former shareholders of Pershimco. Each class A share will entitle its holder to receive, without payment of additional consideration, one common share of NewCo conditional upon the issuance of a ministerial resolution by the Ministry of Environment of Panama, accepting the Environmental and Social Impact Study (“ESIA”) for the Cerro Quema project on or prior to January 31, 2017.
If a ministerial resolution accepting the ESIA for the Cerro Quema project is not received prior to January 31, 2017, the right to receive NewCo common shares will terminate and the class A shares will be automatically cancelled.