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Orezone raising C$20M to advance Bomboré gold project in Burkina Faso

Canadian explorer Orezone Gold Corp. looks to raise C$20 million through a bought-deal offering to advance its Bomboré gold project in Burkina Faso and for working capital and general corporate purposes.

The company is offering 37.1 million units at 54 Canadian cents apiece. Each unit comprises one share and one half of a warrant exercisable at 80 cents each within 36 months from closing, which is expected Jan. 29.

Orezone said Jan. 8 that it will grant the underwriters, led by Canaccord Genuity Corp. and PI Financial Corp., an option to acquire up to an additional 5,565,000 units at the same price for up to C$3 million more in gross proceeds.

A June 2019 updated feasibility study on Bomboré defined a posttax net present value of US$361 million, at a discount rate of 5%, an internal rate of return of 43.8% and a 2.5-year payback period.