Fairfax Financial Holdings converted $150 million of Orla Mining senior unsecured notes into equity. The conversion resulted in the issuance of 26,582,275 common shares. The transaction was executed at a conversion price of C$7.90 per share.
Fairfax now holds a total of 58,399,504 common shares in the mining company. The firm also maintains 17,544,302 warrants. This position represents approximately 15.7% of Orla’s outstanding common shares on a non-diluted basis.
The ownership stake increases to 19.5% assuming the full exercise of warrants. Fairfax holds these securities for investment purposes, solidifying its role as a strategic investor in Orla Mining.