Orezone Gold (ORE-V) March 30, '16 is pleased to announce that it has closed a C$5M investment into the Company by way of a non-brokered private placement through the issuance of 10,000,000 common shares at a price of C$0.50 per common share. The common shares, issued by way of a private placement, are subject to a four month hold period that will expire on July 31st, 2016. A finder's fee equal to 3% of the gross proceeds raised from one subscriber will be paid in cash in connection with the private placement.
The proceeds of the investment will be used to advance the Bomboré project through the ongoing mine permitting process, detailed engineering and for general corporate purposes.
An insider of the Company participated in the investment. As a result of the private placement, the insider currently has beneficial ownership, control or direction over 19.9% of the issued and outstanding common shares of the Company. The private placement to the insider is exempt from the formal valuation and minority approval requirements of MI 61-101 and TSXV Policy 5.9 by the application of sections 5.5(a) and 5.7(1)(a) of MI 61-101, among others.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Orezone Gold Corporation
Orezone is a Canadian company with the most successful gold discovery track record and mine development experience in Burkina Faso, West Africa. The Company owns a 100% interest in Bomboré, 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 Bomboré that is expected in Q2 2016.
Ron Little, CEO is a Qualified Person under National Instrument 43-101 and has reviewed the information in this release.
Orezone Gold Corporation
(613) 241-3699 or Toll Free: (888) 673-0663 |
