OREZONE
ANNOUNCES C$46,875,000 EQUITY FINANCING
NOT FOR
DISTRIBUTION IN THE UNITED STATES
December 3, 2010 - OREZONE GOLD CORPORATION (ORE:TSX) (the
"Company" or "Orezone") is
pleased to announce that in connection with its previously announced overnight
marketed public offering on December 2, 2010 (the "Offering"), it has
entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and
Desjardins Securities Inc. and including CIBC World Markets Inc., BMO Capital
Markets Corp. and Raymond James Ltd. (the "Underwriters") to sell
12,500,000 common shares of the Company at a price of C$3.75 per share
("Common Shares") for gross proceeds of C$46,875,000. In addition,
the Company has granted the Underwriters an over-allotment option to purchase
up to that number of additional Common Shares equal to 15% of the Common Shares
sold pursuant to the Offering, exercisable at any time up to 30 days after the
closing of the Offering.
In connection with the Offering, a preliminary short
form prospectus has been filed in each of the provinces and territories of Canada
other than Quebec.
The Company intends to use the net proceeds from the
Offering to fund exploration and development of the Bombor�,
Sega and Bondi projects as well as other regional
projects and for general corporate purposes.
The Offering is expected to close on or about December
21, 2010 and is subject to certain conditions including, but not limited to,
the receipt of all necessary approvals including the approval of the Toronto
Stock Exchange and other securities regulatory authorities.
This press
release does not constitute an offer of securities for sale in the United
States. The securities being offered have not
been, nor will be, registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold within the United States absent U.S.
registration or an applicable exemption from U.S. registration requirements.
Orezone is a gold exploration and development company with significant gold
resources in Burkina Faso and
more than 15 years of operating experience in West Africa,
one of the world's fastest growing gold producing regions. Orezone
is focused on developing Bombor�, the second largest
gold deposit in the country, and its pipeline of advanced gold projects. Orezone's mission is to create wealth by discovering and
developing gold resources in an efficient and responsible manner for the
benefit of its shareholders and other stakeholders.
For further information please contact Orezone
at (613) 241-3699 or Toll Free: (888) 673-0663
Ron
Little, CEO, rlittle@orezone.com ������������������������������������������������������������������������ Joe McCoy ,CFO, jmccoy@orezone.com
FORWARD-LOOKING
STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain
"forward-looking statements" within the
meaning of applicable Canadian securities laws. Forward-looking statements and
forward-looking information
are frequently
characterized by words such as "plan," "expect,"
"project," "intend," "believe,"
"anticipate", "estimate" and other similar words, or
statements that certain events or conditions "may" or
"will" occur. Forward-looking statements include statements with
respect to the timing and completion of the Offering.
FORWARD-LOOKING
STATEMENTS are based on the opinions and estimates of management at the date
the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements. These
factors include the inherent risks involved in the exploration and development
of mineral properties, the uncertainties involved in interpreting drilling
results and other geological data, fluctuating metal prices, the possibility of
project cost overruns or unanticipated costs and expenses, uncertainties
relating to the availability and costs of financing needed in the future and
other factors. The Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change. The reader is cautioned not to place undue reliance on forward-looking
statements.
Readers are advised
that National Instrument 43-101 of the Canadian Securities Administrators
requires that each category of mineral reserves and mineral resources be
reported separately. Readers should refer to the annual information form of Orezone for the year ended December 31, 2009 and other
continuous disclosure documents filed by Orezone
since January 1, 2010 available at www.sedar.com, for this detailed
information, which is subject to the qualifications and notes set forth therein.