(Ecofin Agency) - The TSX-V listed Orezone Gold, active in Burkina Faso on the Bomboré project, announced yesterday March 26, a fundraising of C$44.92 million (about $35 million) through a non-brokered private placement of 56.15 million common shares worth $0.8 each.

New strategic investors will also participate in this placement. They are namely Resource Capital Fund VII (RCF VII) and Coris Capital which will subscribe 42,056,250 and 3,750,000 shares, respectively. Two largest shareholders of Orezone will also participate in the Offering.

At the end of the transaction, RCF VII will hold 19.99% of issued and outstanding shares of Orezone while Coris will hold 1.78%.

The company (Orezone) plans to use the fund to advance the development of its Bomboré gold project and for other general purposes. Short-term activities on the project include the completion of the ongoing feasibility study, which will be followed by detailed engineering and construction preparation, all of which will begin in the second half of 2018.

Let’s recall that Orezone owns 90% of Bomboré project, which is one of the largest undeveloped gold deposits in West Africa, and it has already obtained a mining license for the deposit’s exploitation.

Louis-Nino Kansoun