/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/
MONTREAL, Dec. 6, 2016 /CNW Telbec/ - Sentient Executive GP IV, Limited ("Sentient IV") announces that, in connection with the amalgamation of Pershimco Resources Inc. ("Pershimco") with Orla Mining Ltd. on December 6, 2016 (the "Amalgamation"), Sentient IV exchanged its 52,754,243 Class A common shares ("Common Shares") of Pershimco for common shares of the amalgamated entity named Orla Mining Ltd. ("Orla"). As a result of the Amalgamation, Sentient IV acquired control over 10,023,306 common shares of Orla and 2,110,169 preferred shares of Orla.
Prior to the Amalgamation, Sentient IV had control over 52,754,243 Common Shares of Pershimco, representing approximately 17.8% of the then outstanding Common Shares of Pershimco on a non-diluted basis.
As a result of the Amalgamation, Sentient IV ceased to have control over Common Shares of Pershimco and acquired control over 10,023,306 common shares of Orla (representing approximately 8.7% of the outstanding common shares of Orla on a non-diluted basis) and 2,110,169 preferred shares of Orla. The preferred shares of Orla are convertible on a one-for-one basis into common shares of Orla upon the satisfaction of certain conditions on or prior to January 31, 2017. In the event the preferred shares of Orla are converted into common shares of Orla, Sentient IV would have control over 12,133,475 common shares of Orla (including the 10,023,306 common shares of Orla referred to above), which would represent approximately 9.5% of the outstanding common shares of Orla on a non-diluted basis.
Depending upon market conditions and other factors, Sentient IV may, from time to time, acquire or dispose of additional securities of Orla, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Orla.
The head office address of Pershimco is 11 rue Perreault Est, Rouyn-Noranda, Québec J9X 3C1.
SOURCE Sentient Executive GP IV, Limited
For further information: For further information or to obtain a copy of the Early Warning Report filed by Sentient IV, please contact Sue Bjuro at (345) 946-0933