Orla Mining advances Camino Rojo project in Mexico

Over the last month, Orla Mining (TSX: OLA) has completed two deals that help pave the way for developing its Camino Rojo gold project in Mexico’s Zacatecas state, 50 km southeast of Newmont’s (NYSE: NEM) Penasquito mine. On March 26, the company unveiled a $75 million bought deal financing (36.6 million common shares at $2.05 per share). Newmont and Agnico Eagle Mines (TSX: AEM; NYSE: AEM) said they intend to subscribe for enough shares to maintain their current ownership positions, and Orla has also received a commitment from mine financier Pierre Lassonde. According to the company’s most recent corporate presentation in February, Newmont holds an 18.4% stake in the company, Lassonde 12.3% and Agnico Eagle Mines 9.4%, and the three are Orla’s top shareholders.