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Orla Mining raises C$30.8M to advance 2 gold projects

Orla Mining Ltd. said Feb. 15 that it raised approximately C$30.8 million from a previously announced bought-deal financing.

The company issued a total of 17,581,200 units at C$1.75 apiece.

Each unit consists of 1 share and 0.5 of a share purchase warrant. Each full warrant will be exercisable to acquire an additional share at C$2.35 by Feb. 15, 2021.

Goldcorp Inc. and Agnico Eagle Mines Ltd. participated in the offering to maintain their Orla stakes of about 19.9% and 9.9%, respectively.

The company intends to use the net proceeds for exploration and development activities at the Cerro Quema gold project in Panama and the Camino Rojo gold project in Mexico, and for general corporate purposes.