On March 3, 2025, Orla Mining completed the acquisition of the Musselwhite Gold Mine in Ontario, Canada from Newmont Corporation, for total consideration of approximately US$800 million.
Pursuant to the transaction, the consideration was comprised of (i) funds from Orla Mining’s US$250 million credit facilities with a syndicate of lenders comprised of The Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and ING Capital LLC, consisting of approximately US$150 million from Orla Mining’s existing revolving credit facility and a US$100 million term loan; (ii) gold prepayment agreements in the aggregate amount of US$360 million executed with Bank of Montreal, ING Capital Markets LLC and Canadian Imperial Bank of Commerce; and (iii) an aggregate of US$200 million in unsecured convertible notes.
Cassels acted for Orla Mining.