On February 25, 2024, Contact Gold Corp. and Orla Mining Ltd. entered into a definitive arrangement agreement whereby Orla will acquire all of the issued and outstanding common shares of Contact Gold by way of a court-approved plan of arrangement at an implied value of $0.03 per share, based upon the ten-day volume weighted average share prices of each company as of February 23, 2024. Pursuant to the terms of the agreement, Contact Gold shareholders will receive 0.0063 of a common share of Orla for each share held which represents a 106% premium to Contact Gold shareholders, based upon the closing prices for each company on the TSX Venture and Toronto Stock Exchanges, respectively, as of February 23, 2024.
The transaction is expected to be completed by the end of April 2024.
Cassels is acting for Contact Gold.