Orla Mining falls, announces deal to acquire Contact Gold for $8.1 mln

Contact Gold

26/02/2024 16:26

** Shares of Canadian miner Orla Mining  OLA.TO  drop 6.9%
to C$4.57
    ** Co enters into agreement to acquire all issued and
outstanding shares of Vancouver, Canada-based Contact Gold  C.V 
for nearly $8.1 million 
    ** Contact Gold shareholders will receive 0.0063 of an Orla
share for each share held
    ** Contact's key asset is the Pony Creek property, a 4,500
hectare exploration land package, strategically located adjacent
to Orla's South Railroad property in Nevada
    ** OLA shares were down, as shares of gold miners tracked a
fall in bullion prices, with top miners Newmont  NEM.N  and
Barrick Gold  ABX.TO  down ~3.9% and ~1.1%, respectively  GOL/ 
    ** OLA shares down 22.37% YTD

($1 = 1.3515 Canadian dollars)

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128;))