Orla Mining sinks as Agnico Eagle Mines sells entire holding

[Gold nuggets against black background]
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Orla Mining (NYSE:ORLA [https://seekingalpha.com/symbol/ORLA]) -7.3% in early trading Tuesday after Agnico Eagle Mines (NYSE:AEM [https://seekingalpha.com/symbol/AEM]) said it sold [https://seekingalpha.com/pr/20226091-agnico-eagle-announces-disposition-of-its-interest-in-orla-mining-ltd] its entire holding of slightly more than 38M common shares of Orla through the Toronto Stock Exchange at C$14.75/share for a total of ~C$560.5M.

Agnico Eagle (NYSE:AEM [https://seekingalpha.com/symbol/AEM]) sold its entire holding in Orla (NYSE:ORLA [https://seekingalpha.com/symbol/ORLA]), which represented 11.3% of issued and outstanding common shares on a non-diluted basis.

"With Orla's success in evolving into an established intermediate producer and in the context of the current gold market, we believe it is the right time to monetize our investment," Agnico Eagle (AEM [https://seekingalpha.com/symbol/AEM]) President and CEO Ammar Al-Joundi said.

MORE ON AGNICO EAGLE MINES AND ORLA MINING

* Agnico Eagle Mines: Upgraded Profit Outlook [https://seekingalpha.com/article/4820882-agnico-eagle-mines-upgraded-profit-outlook]
* Agnico Eagle Mines: Likely Not The End Of Their Growth Story [https://seekingalpha.com/article/4812417-agnico-eagle-mines-stock-q2-likely-not-the-end-of-their-growth-story]
* Orla Mining: A Transformational Start To The Year [https://seekingalpha.com/article/4801919-orla-mining-transformational-start-to-the-year]