Orla Mining Ltd. entered into a definitive arrangement agreement to acquire Contact Gold Corp. (TSXV:C) for CAD 11.3 million.
The transaction is subject to approval of Contact Gold shareholders, court approval, applicable regulatory approvals, including the approval of the TSX Venture Exchange and the Toronto Stock Exchange. The board of directors of Contact Gold, after consultation with its financial and legal advisors, and on the recommendation of a special committee of independent directors, unanimously approved the transaction. As of April 25, 2024, Contact Gold announce that it has received a final order from the Supreme Court of British Columbia approving the business combination with Orla Mining. The Transaction is expected to be completed by the end of April, 2024. As of April 25, 2024, the transaction is expected to close on or about April 29, 2024. Haywood Securities Inc. acted as financial advisor and Jay Goldman, Lindsay Clements, David Gardos, Danielle DiPardo and Tera Li Parizeau of Cassels Brock & Blackwell LLP acted as legal counsels to Contact Gold. Evans & Evans, Inc. provided a fairness opinion to the Contact Gold Board. Orla's legal advisors are Blake, Cassels & Graydon LLP with respect to Canadian matters and Neal, Gerber & Eisenberg LLP regarding US matters.