On December 6, 2016, Orla Mining Ltd. (TSXV: OLA) and Pershimco Resources Inc. (TSXV: PRO) (FRANKFURT: BIZ) announced that they had completed the previously announced plan of arrangement under the Canada Business Corporations Act, pursuant to which Orla and Pershimco combined to create a new gold company in the Americas.
The new company, which will continue to operate under the name “Orla Mining Ltd.”, will focus on continued exploration and development of the Cerro Quema project located in Panama, and intends to seek further growth opportunities in the Americas.
Earlier, the Special Committee of Pershimco had retained Primary Capital Inc. as financial advisor with respect to the proposed merger. Primary Capital provided a fairness opinion to the Special Committee which in turn unanimously recommended the transaction to the Board of Directors.
Peter McArthur of Miller Thomson advised Primary Capital.