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Orezone Gold Announces Combined US$182 Million Financing to Fully Fund Bomboré into Production
US$96 Million in Senior Secured Debt, a US$35 Million Convertible Note Facility, and US$51 Million in Equity VANCOUVER, BC, Jan. 21, 2021 /CNW/ - Orezone Gold C
About this update from Orezone Gold Corporation
[{"type":"text","content":" US$96 Million in Senior Secured Debt, a US$35 Million Convertible Note Facility, and US$51 Million in Equity VANCOUVER, BC, Jan. 21, 2021 /CNW/ - Orezone Gold Corporation (TSX.V: ORE) (OTCQX: ORZCF) (the \"Company\" or \"Orezone\") is pleased to announce that the Company has secured binding commitments totalling in excess of US$182 million to fully finance the construction of its shovel-ready Bomboré Gold Project (\"Bomboré\" or the \"Project\") located in Burkina Faso, West Africa (\"Project Financing Package\"). The Project remains on track for first gold pour by Q3-2022. The Project Financing Package is comprised of the following key terms: US$96 million senior secured debt facility with Coris Bank International (\"Coris Bank\") with interest rates of 8.0% and 9.0% (\"Senior Debt Facility\"). Coris Bank is one of the largest and fastest growing banks in West Africa. US$35 million 8.5% convertible note with Resource Capital Fund VII L.P. (\"RCF\") and Beedie Investments Ltd. (\"Beedie Capital\") (\"Convertible Note Facility\"). RCF VII is part of Resource Capital Funds, a global mining private equity firm. Beedie Capital is the private investment arm of Beedie, the largest private industrial owner, developer, and property manager in Western Canada. US$51 million bought-deal equity offering of 61,950,000 common shares of the Company (the \"Common Shares\") at a price of C$1.05 per Common Share (the \"Equity Offering Price\") for gross proceeds of C$65,047,500 co-led by Canaccord Genuity Corp. (\"Canaccord\") and CIBC Capital Markets (\"CIBC\") (the \"Equity Offering\"). No gold hedging, offtakes, or cost overrun reserve required by the debt facilities. Debt covenants allow for expansion flexibility of oxides and sulphides. The Project remains free of gold streams and private royalties, thereby preserving upside for shareholders. Patrick Downey, President and CEO stated, \"We are extremely pleased to announce this attractive financing package following a competitive selection process. We believe the financing package announced today is a testament to the strong project fundamentals offered by Bomboré. We are delighted to welcome Coris as the senior lender to the Project and proud to have them as a partner. They are one of the largest West African banks and first became a shareholder in 2018.&...