Orezone Announces a C$16.5 Million at-the-Market Private Placement
OREZONE GOLD CORPORATION
450-505 Burrard Street
Vancouver, BC, V7X 1M3
T: 778-945-8977
OREZONE ANNOUNCES A C$16.5 MILLION AT-THE-MARKET PRIVATE PLACEMENT
February 27, 2023 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the
“Company” or “Orezone”) is pleased to announce that it has entered into an agreement for an 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”). The Offering was arranged with a large,
and well-established, institutional fund.
The net proceeds of the Offering will be used for: (i) accelerated project development, (ii) ongoing
exploration and evaluation, and (iii) general corporate purposes.
Patrick Downey, President & CEO, stated: “We are extremely pleased to attract another high-quality fund
to the Orezone growth story. While Q1-2023 is shaping up to be a strong quarter, we view the Offering as
an opportunity to add another cornerstone investor and to advance several strategic initiatives. Th ese
initiatives include 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”.
It is anticipated that the Offering will close on or about March 8, 2023. The Offering is subject to the
satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the
approval of the Toronto Stock Exchange. All common shares issued pursuant to the Offering will be subject
to a four mo nth 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, regis tered 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 (TSX: ORE OTCQX: ORZCF) 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. T he Company believes that Bomboré has a significant underlying
sulphide resource to support a substantially larger Phase II expansion. The Company has recently
completed a 77,000m 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 respons ibility and sustainability with a proven
track record in project construction and operations, financings, capital markets and M&A.
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The technical report for the 2019 Feasibility Study on the Bomboré Project entitled NI 43 -101 Technical
Report (Amended) F easibility Study of the Bomboré Gold Project is available on SEDAR under the
Company’s profile at www.Sedar.com.
Patrick Downey
President and Chief Executive Officer
Vanessa Pickering
Manager, Investor Relations
Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
[email protected] / www.orezone.com
For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at
www.orezone.com.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news
release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may constitute “forward -looking information” w ithin the
meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable
U.S. securities laws (together, “forward -looking statements”). Forward -looking statements are frequently
characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential",
"possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should"
occur. Forward-looking statements in this p ress release include, but are not limited to, statements with respect to
the Offering, the use of proceeds from the Offering, Phase II sulphide expansion and the Company’s growth strategy.
All such forward-looking statements are based on certain assumption s and analyses made by management in light
of their experience and perception of historical trends, current conditions and expected future developments, as well
as other factors management and the qualified persons believe are appropriate in the circumstances.
All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in the forward-looking statements including, but not
limited to, delays caused by the COVID-19 pandemic, terrorist or other violent attacks, the failure of parties to contracts to
honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by
applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in
commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project c ost overruns or
unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key
management personnel and general economic, market or business conditions, the failure of exploration programs,
including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the
availability and costs of financing needed in the future, and other factors described in the Company's most recent
annual information form and manage ment discussion and analysis filed on SEDAR on www.sedar.com. Readers are
cautioned not to place undue reliance on forward-looking statements.
Although the forward -looking statements contained in this press release are based upon what management of the
Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be
consistent with these forward-looking statements. These forward-looking statements are made as of the date of this
press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities
laws, the Company does not assume any obligation to update or revise the forward -looking statements contained
herein to reflect events or circumstances occurring after the date of this press release.
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