On December 18, 2019, Orla Mining Ltd. entered into a loan agreement (the “Loan Agreement”) with, among others, Trinity Capital Partners Corporation and a syndicate of lenders, with respect to a US$125 million project finance facility for the development of the Camino Rojo Oxide Gold Project located in Mexico (the “Credit Facility”). The credit facility is comprised of three tranches: an initial tranche of US$25 million, which Orla received upon entry into the Loan Agreement, and two subsequent tranches of US$50 million each, which will be available for drawdown after satisfaction of certain conditions precedent. The Credit Facility has a five year term and bears interest at 8.8% per annum.
Cassels is acting for Orla with a deal team that includes David Budd, Jennifer Wasylyk and Jenna Clark (Financial Services and Mining), Jen Hansen and Aimee O’Donnell (Securities and Mining).