Orla Grants Incentive Stock Options and Bonus Shares
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 26, 2017) - Orla Mining Ltd. (TSX VENTURE:OLA) ("Orla" or the "Company") announces that the Company's Board of Directors has authorized the grant of an aggregate of 4,365,000 incentive stock options (the "Options") to directors, officers, employees and consultants of Orla, at an exercise price of $1.39 per share. The Options are exercisable for a five-year period from the date of grant and will vest as follows: one-third on date of grant, one-third on the 12 month anniversary from the date of the grant and one-third on the 24 month anniversary from the date of the grant. The Options are granted pursuant to the Company's stock option plan which was approved by shareholders at the Company's annual general meeting of shareholders held on June 19, 2017.
The Company's Board of Directors has also approved of the grant of up to 500,000 bonus common shares to the non-executive Chairman of the Company. The shares have a deemed issue price of $1.39 per common share, and represent less than 1% of the Company's current number of outstanding common shares. The shares are also subject to the TSX Venture Exchange hold period, a voluntary hold period, and approval of the TSX Venture Exchange.
The Company's stock option plan and the grant of the Options and bonus shares are subject to the approval of the TSX Venture Exchange.
On behalf of the Board of Directors,
Marc Prefontaine Director, President & Chief Executive Officer
About Orla Mining Ltd.
Orla Mining is a mineral exploration company led by a group of seasoned mining executives with strong financial backing. The company's focus is to acquire mineral exploration opportunities where the Company's exploration and development expertise and corporate share structure could substantially enhance shareholder value. The 100% owned Cerro Quema project in Panama includes a near-term gold production scenario and significant exploration upside. Cerro Quema's 14,800 Ha concession boasts paved road access, a supportive local population and private land ownership. The Cerro Quema project is currently in the last stage of the permitting process for a proposed open pit mine and gold heap leach operation. Please refer to the Cerro Quema Project - Pre-Feasibility Study on the La Pava and Quemita Oxide Gold Deposits dated August 22, 2014, which is available on SEDAR.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contact
Orla Mining Ltd.
Marc Prefontaine
President & Chief Executive Officer
info@orlamining.com
www.orlamining.com