Orezone Gold Corporation (TSX:ORE) announces that it has arranged a C$6.5M investment into the Company by way of a non-brokered private placement, with Ross Beaty and other long term shareholders including officers and directors of Orezone by issuing up to 21,666,667 ordinary common shares of the Company at C$.30/share. The proceeds of the investment will be used to advance the Bombore project through the ongoing mine permitting process, optimize the economics and engineering of the recently completed feasibility study, and for general corporate purposes.
“We welcome Mr. Beaty as a significant new Orezone shareholder that complements an already strong shareholder base,” said Ron Little, CEO of Orezone. “Mr. Beaty is well recognized for his successful track record in building mining companies and his selective approach to investments in the mining sector.”
The completion of the Private Placement of common shares is subject to a number of conditions, including, without limitation, the finalization and receipt of definitive subscription documentation and receipt of all regulatory approvals, including the conditional approval of the Toronto Stock Exchange. The common shares will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
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, the largest undeveloped oxide gold deposit in West Africa, situated 85 km east of the capital city, adjacent to an international highway. The Company has completed a Feasibility Study and applied for a mining permit on Bombore.
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