Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Orla Mining Ltd    OLA   CA68634K1066

ORLA MINING LTD

(OLA)
  Report  
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector news

Orla Mining Announces Voting Results from Its Annual Shareholder Meeting and Commencement of Early Warrant Exercise Incentive Program

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/12/2019 | 03:30pm EDT

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

Vancouver, British Columbia--(Newsfile Corp. - June 12, 2019) - Orla Mining Ltd. (TSX: OLA) ("Orla" or the "Company") is pleased to announce the voting results for the election of its Board of Directors, which took place at the Company's Annual and Special Meeting of Shareholders ("AGM") held today. All nominees as set forth in the Company's management proxy circular dated May 9, 2019 ("Circular") were elected as directors of Orla at the AGM. Detailed results of the votes are set out below:

NomineeVotes For%Withheld%
Charles Jeannes129,138,15799.73%354,6500.27%
Richard Hall129,138,15799.73%354,6500.27%
Jason Simpson129,138,15799.73%354,6500.27%
Jean Robitaille129,484,15799.99%8,6500.01%
George Albino129,138,05799.73%354,7500.27%
Tim Haldane129,138,05799.73%354,7500.27%
David Stephens129,138,05799.73%354,7500.27%
Elizabeth McGregor129,484,15799.99%8,6500.01%

 

The shareholders also approved: (1) the appointment of Davidson & Company LLP as auditors and authorized the Board of Directors to fix their remuneration; (2) amendments to the Company's existing Stock Option Plan; (3) amendments to the Company's Restricted Share Unit Plan; (4) amendments to the Company's Deferred Share Unit Plan; (5) implementation of the Company's Early Warrant Exercise Incentive Program. Results of the shareholder votes on these items are set forth below:


Outcome of VoteVotes For%Withheld/
Against
%
Appointment of AuditorsCarried131,114,385100.00%4,7390.00%
Re-approval of Option PlanCarried125,046,68096.57%4,446,1273.43%
Re-approval of RSU PlanCarried125,011,68096.54%4,481,1273.46%
Re-approval of DSU PlanCarried128,966,68099.59%526,1270.41%
Approval of Early Warrant Exercise programCarried83,982,930*99.40%509,8770.60%

* Disinterested Shareholders votes. Excludes 45 million shares held by Shareholders holding warrants.

Early Warrant Exercise Incentive Program to Commence June 13, 2019

As previously announced on May 14, 2019, the 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") will begin on June 13, 2019. 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") ending on July 12, 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.

Each Warrantholder of record will be receiving additional information regarding the Incentive Program in the coming days.

For further details regarding this program and the use of proceeds, please refer to the news release dated May 14, 2019 and the management information circular dated May 9, 2019.

The Incentive Warrants, the underlying securities issuable upon exercise of the Incentive Warrants, the 2021 Warrants and the underlying common shares issued upon exercise of the 2021 Warrants have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be exercised, as applicable, or offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Orla has determined that while the Incentive Program may be a related party transaction pursuant to Multilateral Instrument 61-101 - Special Transactions ("MI 61-101"), Orla is not required to obtain a formal valuation under subsection 5.4(1) of MI 61-101 or minority approval under subsection 5.7(1)(a) of MI 61-101 because pursuant to the exemptions set forth in MI 61-101, neither the fair market value nor the fair market value of the consideration paid for the 2021 Warrants exceeds 25% of the Company's market capitalization.

Advisor

GMP Securities L.P. is acting as financial advisor to Orla with respect to the Incentive Program.

About Orla Mining Ltd.

Orla is developing the Camino Rojo Oxide 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 200,000 hectares. The Feasibility Study on the Camino Rojo Oxide Project is expected to be completed by mid-year 2019. The Amended NI 43-101 Technical Report for Camino Rojo dated March 11, 2019 is available on SEDAR under the Company's profile. 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 available on SEDAR.

Forward-looking Statements

This news release contains certain "forward-looking statements" within the meaning of Canadian and United States federal and state securities legislation, including, without limitation, statements with respect to the terms, timing and expected amount of proceeds the be received as part of the Incentive Program, the timing of completion of the Camino Rojo Oxide Project Feasibility Study and the timing of a construction decision. Forward-looking statements are statements that are not historical facts but 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. 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. 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.

For further information, please contact:

Jason Simpson
Chief Executive Officer

Etienne Morin
Chief Financial Officer

Email: info@orlamining.com
Tel: 604-564-1852

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45552


© Newsfilecorp 2019
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ORLA MINING LTD
06:31aORLA MINING : Announces Positive Feasibility Study Results for the Camino Rojo O..
AQ
06/12Orla Mining Announces Voting Results from Its Annual Shareholder Meeting and ..
NE
05/16ORLA MINING : Announces Early Warrant Exercise Incentive Program to Raise up to ..
AQ
05/14Orla Mining Announces Early Warrant Exercise Incentive Program to Raise up to..
NE
03/11Orla Mining Files Final Base Shelf Prospectus in Preparation for Construction..
NE
2018VIEW FROM THE C-SUITE : Jason Simpson, President and Chief Executive Officer, Or..
AQ
2018ORLA MINING LTD : . Opens the Market
AQ
2015RED MILE MINERALS CORP. : REVERSE SPLIT: 1 of 5
FA
More news
Financials (CAD)
Sales 2019 -
EBIT 2019 -
Net income 2019 -27,0 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
Capi. / Sales 2019 0
Capi. / Sales 2020 0
Capitalization 188 M
Chart ORLA MINING LTD
Duration : Period :
Orla Mining Ltd Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ORLA MINING LTD
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 2,08  CAD
Spread / Average Target 98%
EPS Revisions
Managers
NameTitle
Jason D. Simpson President, Chief Executive Officer & Director
Charles A. Jeannes Non-Executive Chairman
Hans Q. Smit Chief Operating Officer & Director
Etienne Morin Chief Financial Officer
Richard J. Hall Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
ORLA MINING LTD0.00%140
BHP GROUP LTD20.36%123 200
BHP GROUP PLC19.62%123 200
RIO TINTO27.37%98 229
RIO TINTO LIMITED29.64%98 229
ANGLO AMERICAN24.67%34 068