VANCOUVER, July 15, 2019 /CNW/ – Orla Mining Ltd. (TSX: OLA) (“Orla” or the “Company”) is pleased to report that its previously announced early warrant exercise incentive program (“Incentive Program”) has resulted in total gross proceeds to Orla of $3,622,350. Approximately 5.8 million of its warrants having an exercise price of $0.62 and expiring on July 8, 2021 (the “2021 Warrants”) have been exercised, representing 87% of the total number of 2021 Warrants that were outstanding at the start of the Incentive Program which began on June13, 2019 and closed on July 12, 2019.
The Incentive Program resulted in Orla issuing 5,842,500 common shares and 5,842,500 full new warrants (the “Incentive Warrant”). Each Incentive Warrant is exercisable into one common share at a price of $1.65 for a period of 3 years, expiring June 12, 2022.