A million-dollar private placement was announced by Orezone

As of today, Orezone Gold Corporation (the "Company" or "Orezone") is pleased to announce that a private placement agreement has been entered into by the Company for the sale of 13,000,000 common shares of the Company for a price of C$1.27 per share with the gross proceeds being C$16,510,000 (the "Offering"). Arrangements were made with a large and well-established institutional fund for the sale of the Offering.

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It is anticipated that the net proceeds of the Offering will be used for the following purposes: (i) accelerated project development, (ii) ongoing exploration and evaluation, and (iii) general corporate purposes.

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Patrick Downey, President & CEO of Orezone, expressed his delight at attracting another high-quality fund to their growth story. “While we expect Q1-2023 to be one of our strongest quarters to date, we view the Offering as a unique opportunity to add another cornerstone investor and to advance several strategic initiatives during the quarter. There are a number of initiatives being undertaken by Orezone, namely the acceleration of development at Bomboré in advance of Phase II of the sulfide expansion, the addition of targeted exploration drilling, and advancement of the company's corporate growth strategy in the region".

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The Offering is expected to close on or about March 8, 2023, although there is no firm date at this time. It is important to note that the Offering is subject to a number of conditions, including the receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange. A four-month hold period will apply to all common shares issued pursuant to this Offering from the date of closing until the end of the offer period. In connection with the Offering, a finder's fee is payable to the finder.

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There are no securities being offered for sale in the United States of America as a result of this press release. Neither the securities being offered have been registered under the United States Securities Act of 1933, as amended, nor will they be registered under that act and may not be offered or sold in the United States unless they are registered under the U.S. Securities Act or are exempt from such registration requirements under the U.S. Securities Act.

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About Orezone Gold Corporation

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Orezone Gold Corporation 

OREORZCF is a Canadian mining company that operates the open pit Bomboré Gold Mine in Burkina Faso. 

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With a planned annual throughput of 5.2 million tonnes, Orezone is focusing its efforts primarily on mining and processing the Phase I near surface free-dig oxides. It is believed by the Company that Bomboré has a substantial underlying sulfide resource to support an expansion of the Phase II project that will be substantially larger than the Phase I project. It is the Company's intention to issue an updated mineral resource, reserve, and life of mine plan as part of this Phase II expansion program, following the completion of a 77,000 m resource definition drilling program. It is expected that the pending study will be completed in Q3-2023 and that a production decision will follow shortly afterward. 

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With a track record of project development and operations, financings, capital markets, and M&A, Orezone is led by a highly experienced team with a focus on social responsibility and sustainability.