TSX-listed West African gold producer Orezone Gold Corporation has lodged a prospectus with the Australian Securities and Investments Commission (ASIC) for an initial public offering to raise proceeds of A$75.0 million (before associated costs) (Offer). The Prospectus will assist the company to meet the requirements of the Australian Securities Exchange (ASX) and satisfy Chapters 1 and 2 of the ASX Listing Rules, as part of the Company’s application for admission to the official list of the ASX.
Under the Prospectus, the company is offering 65,789,474 CHESS Depository Interests (CDIs) over fully paid common shares in the capital of the company shares at an offer price of A$1.14 per CDI to raise gross proceeds of A$75.0 million. Each CDI represents a beneficial interest in one Share.
The company has entered into an underwriting agreement with Canaccord Genuity (Australia) under which Canaccord has been appointed as lead manager, bookrunner and underwriter to the Offer. Canaccord has agreed, subject to customary conditions, to underwrite applications for all CDIs under the Offer.
Euroz Hartleys, Argonaut Securities, SCP Resource Finance LP and BMO Capital Markets Corp. have been appointed as co-managers to the Offer.
Patrick Downey, CEO stated, “We look forward to the ASX listing which will raise the company’s profile by broadening its shareholder base and increase trading liquidity for all shareholders. The listing also represents an exciting opportunity for investors to participate in the company’s growth strategy as we execute on our staged hard rock expansion at the Bomboré Mine which will significantly increase our annual gold production. First gold from the stage 1 hard rock plant is scheduled for Q4-2025 and production in 2026 from the combined oxide and stage 1 hard rock operations is forecasted to be 170,000 to 185,000 ounces. The stage 2 expansion is forecasted to increase the overall gold production profile at the Bomboré Mine to 220,000 to 250,000 ounces per annum. Subject to funding, ongoing studies and final Board approval, the stage 2 hard rock expansion will commence in H2-2025, with commissioning expected in Q4-2026.”
The net proceeds of the offer will be used for the ongoing advancement of stage 2 of the hard rock expansion, including procurement of mechanical and electrical equipment, freight to site, engineering design and construction plus commissioning of stage 2, as well as ongoing exploration at the Bomboré Mine, in addition to administration and working capital purposes.
Additional details of the Offer and the ASX Listing
- The Offer opened on July 11, 2025 and is expected to close on July 21, 2025.
- Trading on the ASX is expected to commence on a normal settlement basis on or about August 8, 2025 under the ASX code “ORE” (subject to the Company satisfying ASX’s listing requirements, which it is currently working towards).
- Using an exchange rate of A$0.895 = C$1.00, the Offer Price per CDI is approximately C$1.02 and the gross proceeds of the Offer is approximately C$67.1 million.
- The Offer Price represents a 7.2% discount to Orezone’s closing price of C$1.10 on the Toronto Stock Exchange on July 9, 2025, and an 8.5% discount to the five-day volume-weighted average price (VWAP) of C$1.115.