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Orezone (ORZCF) Stock Rose 18%. How Did That Happen?

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The market cap of Orezone Gold Corp (OTCQX: ORZCF) soared by 18.5% at $1.1600 a share in the last session, bringing it to $321.46M. Recently, the daily average trading volume for Orezone stock was 132.68K, a higher volume than its usual volume of 65.83K shares. After releasing an update specific to the Canadian market, ORZCF stock rose.

What did the ORZCF update cover?

Gold development company Orezone Gold owns a 90% stake in the Bomboré diamond deposit in Burkina Faso, one of the largest undeveloped gold deposits in the country. During its 13+ year mine life, the Bomboré gold project is forecasted to produce over 118,000 ounces of gold annually, according to the 2019 feasibility study. It is estimated that Bomboré’s gold reserves exceed 5 million ounces. A gold pour is scheduled for Q3-2022 at the Bomboré mine with ORZCF fully funded.

Project Debt Package is moving along well, Orezone announced yesterday in Canada, sharing following details:

  • In addition, ORZCF is working on finalizing the documents for the Convertible Note Facility, the Senior Debt Facility, inter-creditor agreement as well as its the Silver Stream Agreement.
  • The press release was part of ORZCF’s application to the TSX Venture Exchange with respect to the Convertible Note Facility, as required by its policies.
  • At the lenders’ option, the 8.5% Convertible Note Facility included in the Project Debt package can be converted at any point at a conversion price of US$1.08, more than 30% above the offer price of the bought deal equity offering that closed on January 28, 2021.

ORZCF as it goes forward:

For the approval of the Convertible Note Facility issued by Orezone (ORZCF) to Resource Capital Fund VII L.P. (“RCF VII”), ORZCF will call and hold a separate special shareholder meeting. RCF VII and Beedie Investments Ltd. committed to subscribe US$25 million and US$10 million respectively to the ORZCF.

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