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Orla Mining eyes finance facility of up to US$125M for Camino Rojo gold project

Orla Mining Ltd. entered a commitment letter with Trinity Capital Partners Corp. for a five-year secured project finance facility of up to US$125 million to develop its Camino Rojo gold-silver project in Mexico.

Orla Mining will have the option to draw an initial tranche of US$25 million before the final syndication, the receipt of required mine permits and the completion of definitive documentation.

The company said Oct. 21 that the initial advance will provide it with flexibility to order long lead items and maintain an efficient construction schedule. The facility will include a syndicate of lenders led by Pierre Lassonde, Agnico Eagle Mines Ltd. and Trinity Capital.

Two subsequent tranches of US$50 million each will be available for drawdown upon closing, which is expected in the fourth quarter.

Orla Mining will issue 32.5 million share purchase warrants to the lenders on closing, with warrants exercisable at C$3.00 per share for seven years.

A June feasibility study for Camino Rojo outlined an after-tax net present value of US$142 million, at a 5% discount rate, with a 28.7% internal rate of return.