The Ottawa-based company announced Tuesday that it issued 13.34 million common shares at 75 cents each to an underwriting syndicate led by Canaccord Financial ltd. and CIBC World Markets Inc.
The syndicate, which also includes Desjardins Securities and Raymond James Ltd., have purchased the shares for resale to the public on a “bought-deal” basis.
Orezone previously announced the financing in January, following the news that it had received better-than-expected resource numbers for its main Bombore gold mining project, as well as increased gold resources for its Sega project, both of which are in the West African country of Burkina Faso.
The company has been concentrating on developing Bombore – which it earlier declared as the second-largest gold deposit in Burkina Faso – since selling off its main Essakane project for $350 million to IAMGOLD Corp. (TSX:IMG) in early 2009.
Along with the Sega and Bondi projects, Orezone said it has a total of 1.7 million ounces of gold in measured and indicated resources and two million ounces in inferred resources.
Orezone is also exploring for uranium in Niger, in partnership with North Atlantic Resources Ltd.
Shares of Orezone were up two cents to 74 cents at 10:25 a.m. following the news.
