West African gold producer Orezone Gold Corporation has announced that, to maintain its 19.9% ownership in the Company, Nioko Resources Corporation (Nioko) will subscribe for 10,719,659 common shares of the company (the shares) at a price per share of C$0.82 for gross proceeds of C$8,790,121.
The placement is being made on a non-brokered private placement basis with the Offering Price based on the Share price of C$0.82 from the Company’s recently completed bought deal offering (see Company’s news release of March 13, 2025).
Patrick Downey, CEO stated, “We are pleased to receive confirmation of Nioko’s participation and continued support. Nioko is a West African investment group and its ongoing investment is a strong endorsement of the company’s current growth and marketing strategy. The Company is advancing its dual listing on the Australian Securities Exchange which will further enhance the Company’s capital markets profile as it progresses construction of its hard rock expansion, accelerates exploration and evaluates growth opportunities.”
The Company expects to complete the Placement in March, which is subject to approval of the TSX. The Shares issued will be subject to a four-month hold period from the date of closing. No finder’s or broker fees are payable in connection with the Placement.
The Company intends to use the proceeds from the Placement to accelerate both the Stage II hard rock expansion and additional exploration at its Bomboré Gold Mine, as well as for working capital and general corporate purposes.
