Orezone Gold Corp. has announced that it arranged a $3.8 million investment by issuing 10 million common shares for 38 cents each.
The investment will help advance the company’s Bomboré project’s mine permitting process and detailed engineering.
"We welcome another new significant investor that complements an already strong shareholder base," Orezone CEO Ron Little said. "The company expects the mine permitting process to be completed during Q2 2016, and the additional funds will allow for the continuation on projects required in preconstruction preparedness.
The common shares will be privately placed and be subject to a number of conditions, including the finalization and receipt of definitive subscription documentation and receipt of all regulatory approvals, including the conditional approval of the TSX Venture Exchange.
The common shares will be subject to a four-month hold period due to Canadian laws related to securities.