Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) is pleased to announce the completion of its previously announced at-the-market, non-brokered private placement of 13,000,000 common shares of the Company at a share price of C$1.27 for gross proceeds of C$16,510,000. The Offering was arranged with a large, and well-established, institutional fund.

The net proceeds of the Offering will be used to advance several strategic initiatives, including accelerated project development at Bomboré ahead of the Phase II sulphide expansion, additional targeted exploration drilling, and advancement of Orezone’s corporate growth strategy in the region.

All common shares issued pursuant to the Offering will be subject to a four month hold period from the date of closing. A finder’s fee is payable in connection with the Offering.

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 Gold Corporation is a Canadian mining company operating the open pit Bomboré Gold Mine in Burkina Faso.

Orezone is focusing on mining and processing the Phase I near surface free-dig oxides at a planned annual throughput of 5.2 million tonnes. The Company believes that Bomboré has a significant underlying sulphide resource to support a substantially larger Phase II expansion. The Company has recently completed a resource definition drill program, and plans to issue an updated mineral resource, reserve and life of mine plan, as part of this Phase II expansion. It is expected that the pending study will be completed in Q3-2023 to be followed by a production decision.

Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

The technical report for the 2019 Feasibility Study on the Bomboré Project entitled NI 43-101 Technical Report (Amended) Feasibility Study of the Bomboré Gold Project is available on SEDAR under the Company’s profile at www.Sedar.com.