Business
Orezone Gold Grants Stock Options and Provides General Corporate Update
VANCOUVER, British Columbia, May 07, 2020 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX.V: ORE, OTCQX: ORZCF) (“Orezone” or the “Company”) announces that it
About this update from Orezone Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, May 07, 2020 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX.V: ORE, OTCQX: ORZCF) (“Orezone” or the “Company”) announces that its senior management team and Board have voluntarily agreed to a 20% reduction in salaries and fees during the current COVID-19 situation. Senior staff and employees in Burkina Faso have also taken wage reductions during this same period and other non-essential expenditures have been reduced or eliminated. Patrick Downey, President & CEO stated, “I am pleased that the Orezone team, including our workforce in Burkina Faso, have agreed to these pay reductions during this challenging period, demonstrating the commitment of our employees and Board to the overall success of the Company and the Bomboré project. As significant shareholders, Orezone management is consistently focused on the efficient use of capital. Although the Company maintains a strong cash position, these measures will maximize the use of our funds towards the development of Bomboré while minimizing general and administrative costs during this temporary care and maintenance phase. Orezone is in a solid financial position to manage current activities and to rapidly resume project works in the future.” As previously announced, Orezone has temporarily suspended operations at its Bomboré Gold Project in Burkina Faso and all facilities are under care and maintenance. During this period, the Orezone team are investigating key areas for project optimization and are preparing detailed plans for re-start of construction once the COVID-19 restrictions are eased. Orezone has implemented strict safety, environmental and community relations safeguards at the Bomboré project to ensure operational readiness when the Burkina Faso government restrictions are lifted. Orezone will continue dialogue with its staff, host communities, contractors, and suppliers to ensure the safe restart of construction activities at Bomboré. Orezone’s compensation committee has also granted stock options for a total of 5,167,000 common shares of the Company to directors, officers, and employees of the Company. These stock options are exercisable at C$0.54 per common share and will expire on May 5, 2025. Following this grant of stock options, the Company has a total of 21,543,838 stock options outstanding, representing approximately 8.6% of th...