Orezone Gold Corporation (TSX:ORE) is pleased to announce that it has arranged a non-brokered private placement financing of C$5M. Under the terms of the placement, 10 million ordinary common shares of the Company will be issued at C$.50/share. Commitments have been made by investors and a company with a closing is expected in the next two weeks. Directors of the company may subscribe to 10% of the financing. No commissions or finder’s fees will be paid in connection with the placement.
The proceeds of the offering will be used to advance various technical studies towards the completion of a Feasibility Study for an oxide only heap leach operation at the Company’s Bombore gold project located in Burkina Faso, West Africa, and for general corporate purposes. The company expects to update its Preliminary Economic Assessment before year-end and complete the Feasibility in 2014.
The offering of common shares is subject to a number of conditions, including, without limitation, the finalization of definitive subscription documentation and receipt of all regulatory approvals before closing, including the conditional approval of the Toronto Stock Exchange.
“We are very pleased to secure this financing and provide the necessary funds to advance the Bombore FS,” said Ron Little, President and CEO for Orezone.
About Orezone Gold Corporation
Orezone is a Canadian company with a gold discovery track record of +12 Moz and recent mine development experience in Burkina Faso, West Africa. The Company owns a 100% interest in Bombore which is situated 85 km east of the capital city, adjacent to an international highway. Mineral resources are constrained within optimized open pit shells that span 11 km, and include 4.13 Moz of measured and indicated (125 Mt @ 1.03 g/t) and 1.03 Moz of inferred resources (35 Mt @ 1.00 g/t) with an average depth of drilling to only 120 meters. The Company is completing an NI 43-101 compliant Preliminary Economic Assessment for an oxide only heap leach operation at Bombore in order to become a mid-tier gold producer.
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