Mining
Wednesday, January 31st, 2024 4:45 pm EDT
Key Points
- Share Acquisition: Fairfax Financial Holdings Ltd. has acquired two million common shares of Orla Mining Ltd. at a price of $4.65 per common share, amounting to a total purchase price of approximately $9.3 million. The acquisition was made through the facilities of the Toronto Stock Exchange.
- Ownership Stake Increase: With this share purchase, Fairfax’s total holdings in Orla Mining, through its insurance subsidiaries, now amount to 48,611,791 common shares. This represents approximately 15.46% of all common shares issued and outstanding by Orla. Prior to this acquisition, Fairfax, through its insurance company subsidiaries, owned and controlled 46,611,791 common shares, constituting around 14.82% of the issued and outstanding common shares.
- Investment Intentions: Fairfax acquired the common shares for investment purposes. The company may engage in discussions with Orla’s management and/or board of directors regarding various transactions listed in Item 5 of Form F1 of National Instrument 62-103. Fairfax also reserves the right to undertake additional actions related to Orla’s securities based on market conditions, publicly disclosed changes in Orla’s operations, business strategy, prospects, or material transactions involving Orla. An early warning report will be filed by Fairfax in accordance with applicable securities laws.
Fairfax Financial Holdings Ltd. has acquired, through its insurance company subsidiaries, two million common shares of Orla Mining Ltd. at a price of $4.65 per common share for an aggregate purchase price of approximately $9.3-million through the facilities of the Toronto Stock Exchange.
The share purchase represents approximately 0.64 per cent of the issued and outstanding common shares of Orla and brings Fairfax’s total holdings, through its insurance subsidiaries, of such securities to 48,611,791 common shares (or approximately 15.46 per cent of all common shares).
Immediately prior to the share purchase, Fairfax, through its insurance company subsidiaries, beneficially owned and controlled 46,611,791 common shares, representing approximately 14.82 per cent of the issued and outstanding common shares of Orla.
The common shares were acquired by Fairfax for investment purposes, and in the future, it may discuss with management and/or the board of directors of Orla any of the transactions listed in clauses (a) to (k) of Item 5 of Form F1 of National Instrument 62-103 — The Early Warning System and Related Take-over Bid and Insider Reporting Issues and it may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of Orla, in such manner as it deems advisable to benefit from changes in market prices of Orla’s securities, publicly disclosed changes in the operations of Orla, its business strategy or prospects, or from a material transaction of Orla.
An early warning report will be filed by Fairfax in accordance with applicable securities laws and will be available on SEDAR+ or may be obtained directly from John Varnell, vice-president, corporate development, of Fairfax, upon request.
Fairfax’s head and registered office is located at 95 Wellington St. West, suite 800, Toronto, Ont., M5J 2N7.
Orla’s head and registered office is located at 1010-1075 W. Georgia St., Vancouver, B.C., V6E 3C9.
Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.
