Orla Mining Ltd. (TSX:OLA) entered into a definitive arrangement agreement to acquire Contact Gold Corp. (TSXV:C) for CAD 11.3 million on February 25, 2024. Pursuant to the terms of the Definitive Agreement, Contact Gold shareholders will receive 0.0063 of a common share of Orla for each Share held. Following the completion of the Transaction, Contact shareholders will own approximately 0.7% of the issued and outstanding Orla Shares. The transaction will result in consolidation of the Railroad-Pinion district in Nevada, combining Contact Gold?s Pony Creek oxide gold project with Orla?s South Railroad project, which is located immediately adjacent to the north of Pony Creek. Contact Gold will pay a termination fee of CAD 0.54 million to Orla in the case of certain terminating events. As of April 23, 2024, Contact Gold Securityholders approved the merger by Orla.

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.