Orla Mining Ltd.'s ownership changes hands as Newmont Corporation confirms its sale of shares
In a significant move, Newmont Corporation, the world's leading gold company and a major producer of copper, zinc, lead, and silver, has sold its 13% share in Orla Mining Ltd. The sale, conducted through the facilities of the Toronto Stock Exchange, generated gross proceeds of US$439 million (C$605 million).
Tom Palmer, Newmont's Chief Executive Officer, stated that the sale unlocks significant cash to support Newmont's capital allocation priorities. The news release contains forward-looking statements regarding potential future investments in Orla Mining Ltd. However, no obligation has been undertaken by Newmont to release revisions to any forward-looking statement.
Orla's President and Chief Executive Officer, Jason Simpson, expressed gratitude for the confidence placed in Orla by Newmont and expressed confidence in Orla's ability to drive value for shareholders. Following the sale, Newmont no longer holds any Common Shares of Orla.
The sale was executed at a price of US$10.14 (C$14.00) per Common Share. Prior to the sale, Newmont held approximately 13.3% of the issued and outstanding Common Shares of Orla on a non-diluted basis. Newmont Corporation completed the sale of 43 million Common Shares of Orla Mining Ltd.
Newmont is listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. An early warning report will be filed by Newmont in accordance with applicable securities laws.
Investors are advised to continue relying on forward-looking statements at their own risk. For a discussion of risks and other factors that could affect Newmont's business, see its most recent Form 10-K.
The news release provides a link to the source version on Businesswire.com. Newmont Corporation has provided media contact information for global and Asia Pacific inquiries, as well as investor contact information for the same regions.
It is important to note that Orla Mining Ltd. was not taken over by a single company after Newmont Corporation sold its shares. Instead, Newmont disposed of its entire stake by selling around 43 million shares on the open market. Under certain conditions, Newmont may choose to increase its investment in Orla Mining Ltd.
The news release was provided by Business Wire via QuoteMedia. A cautionary statement regarding forward-looking statements has been issued for this news release.
Read also:
- The Cost of Speech is Zero, True Strength Lies in Unity
- Beginning a Food Truck Venture: Crucial Stages to Achieve Profitability
- Aiming to simplify the move towards cleaner automobiles, the newly established ministry plans to take direct action with Pannier-Runacher, Létard, and Vautrin at the helm.
- "The imperfect yet essential documentary, "Planet of the Humans," raises challenging and uncomfortable inquiries"
