Author: Josue Gomez

Orla Mining Ltd. is pleased to announce that it has closed its previously announced bought deal financing, including the exercise in full of the underwriters’ over-allotment option. A total of 17,581,200 units of Orla were sold at a price of $1.75 per Unit, for aggregate gross proceeds of $30,767,100. Each Unit consists of one common share of Orla and one-half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one common share of Orla at a price of $2.35 at any time prior to February 15, 2021.

“Our focus of improving our long-lived operations led to increased throughput and lower costs which, coupled with significantly higher base metals prices, drove our increasing cash balance and continued strong adjusted,” said Phillips S. Baker, Jr., President and CEO. “2018 should have further value creation at all our mines as we advance low-cost, high-return technologies that are focused on improving productivity. We are also taking a bulk sample of San Sebastian’s polymetallic zone which could further extend its mine life. Exploration spending is increasing as we see further opportunities for both discoveries and resource growth.”

“In 2017, we had another strong year of operating performance exceeding our production forecast and beating our cost guidance for the sixth consecutive year. We set a new annual production record while recording the fewest number of lost time accidents, and we also increased our gold reserves”, said Sean Boyd, Agnico Eagle’s Chief Executive Officer. “Furthermore, we continue to make excellent progress on our Nunavut development projects which has allowed us to advance the expected start-up of Meliadine and increase our production guidance for 2018 and 2019. With projected production on track to reach approximately 2.0 million ounces with lower unit costs in 2020, the Company will be focusing on increasing its reserve base and advancing its development pipeline to enhance the production profile and grow free cash flow”, added Mr. Boyd.

“We generated positive net income and strong cash flow for the year,” said Darren Pylot, President and CEO of Capstone. “Increased cash flow, combined with the monetization of our non-core Kutcho asset, allowed us to pay down $54 million in debt in 2017, reducing debt by a total of $74 million over the past two years. We are extremely well positioned entering 2018, with operations running well and potential organic growth opportunities,” continued Mr. Pylot. “We are now set to take full advantage of strong copper prices in 2018 after completing our entire copper hedge program at the end of 2017.”

“The divestiture of Minto will allow us to focus our resources on opportunities that will have a more meaningful impact on the long-term growth of the company,” said Darren Pylot, President and Chief Executive Officer of Capstone. “This agreement is consistent with our continuing efforts to deliver shareholder value by focusing on our core assets and allows us to further strengthen our balance sheet. Minto has been an important part of the development of Capstone and we are optimistic for the future of Minto under Pembridge’s stewardship.”