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Orion Mine Finance Announces Updates to Holding of Victoria Gold Corp. Shares

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TORONTO, Nov. 3, 2021 /CNW/ - Orion Mine Finance today confirmed certain details of its shareholdings in Victoria Gold Corp. (TSX: VGCX) ("Victoria"), following the disposition by Orion Co-VI Ltd., a corporation controlled by Orion Mine Finance Management II Limited (collectively, "Orion"), of a total of 2,522,610 common shares of Victoria ("Common Shares") in two private transactions for aggregate consideration of C$45,717,019.33.

Immediately prior to the transactions, Orion held 11,452,610 Common Shares and 1,666,667 common share purchase warrants (the "Warrants") of Victoria. Prior to the transactions, on a partially diluted basis and giving effect to the blocker feature of the Warrants, Orion had a securityholding percentage of 19.99% (based on 62,594,541 common shares outstanding). Following the closing of the transactions, Orion holds 8,930,000 Common Shares and 1,666,667 Warrants. On a partially diluted basis, Orion now has a securityholding percentage of approximately 16.49%, a decrease in its securityholding percentage of approximately 3.50%.

Orion's disposition of the Common Shares in the transactions was made in the ordinary course of its business operations. Orion continues to evaluate its holdings in Victoria, including potentially disposing of additional securities in the ordinary course of business, but has no current plan or intentions which relate to any of the other actions requiring disclosure under the early warning reporting provisions of applicable securities laws. Depending on market conditions, Orion's view of Victoria's prospects and other factors Orion considers relevant, Orion may acquire securities of Victoria from time to time in the future, in the open market or pursuant to privately negotiated transactions, or may sell all or a portion of its securities of Victoria.

This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR profile of Victoria at To obtain a copy of the early warning report, you may also contact Rick Gashler, Chief Compliance Officer of Orion Resource Partners (USA) LP at (212) 596-3497. Orion's address is Cumberland House, 7th Floor, 1 Victoria Street, Hamilton HM11, Bermuda.

Forward-Looking Information

Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Orion's future intentions regarding the securities of Victoria. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Orion is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE Orion Mine Finance Management II Limited


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