Orla Mining plunges as investor sells C$441M stake

Orla Mining (ORLA) -9.1% in Friday's trading after investor Fairfax Financial Holdings said it sold C$441.1 million (US$316 million) worth of its shares as part of a portfolio investment rebalancing; the stock has still more than doubled YTD.

Fairfax said it sold 25 million common shares in the Canadian miner at a price of C$17.6435 each.

Following the sale, Fairfax's ownership stake in Orla (ORLA) fell to nearly 31.82 million shares, while it retained the same principal amount of notes and warrants; its holding now represents ~9.4% of the miner's issued and outstanding shares, or 19.8% on a partially diluted basis.