VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 30, 2016) - Orla Mining Ltd. ("Orla Mining" or the "Company") (TSX VENTURE:OLA) is pleased to announce that at a special meeting (the "Meeting") of the shareholders ("Shareholders") and optionholders ("Optionholders") of the Company held on November 30, 2016, the Shareholders and Optionholders approved the proposed amalgamation of the Company and Pershimco Resources Inc. ("Pershimco") to be completed by way of a plan of arrangement (the "Arrangement") under section 192 of the Canada Business Corporations Act (the "CBCA"). Additionally, Shareholders approved (i) the continuance of the Company (the "Continuance") from the Province of Ontario into the Federal jurisdiction of Canada in accordance with the CBCA, and (ii) the adoption of a new incentive stock option plan (the "New Incentive Plan") of the amalgamated company following completion of the Arrangement.
The Arrangement was approved by the affirmative vote of (i) 99.98% of the votes cast by Shareholders and Optionholders, present in person or represented by proxy at the Meeting; and (ii) 99.93% of the votes cast by Shareholders, excluding votes cast in respect of shares over which Marc Prefontaine, Hans Smit, Troy Fierro, Richard Hall, Kerry Sparkes, Aaron Wolfe, Pierre Lassonde and John Graham, and their affiliates and joint actors, exercise control or direction. The Continuance was approved by the affirmative vote of 99.98% of the votes cast by Shareholders, present or represented by proxy at the Meeting and the New Incentive Plan was approved by the affirmative vote of 99.81% of the votes cast by Shareholders, present or represented by proxy at the Meeting.
On October 31, 2016, the Company obtained an interim order of the Superior Court of Québec (commercial division) ("Court") under the CBCA in connection with the Arrangement. The Company is scheduled to return to Court on December 2, 2016, to seek a final order to implement the Arrangement. The completion of the Arrangement remains subject to certain other conditions and is expected to be completed on or about December 6, 2016.
