Vancouver - 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 Bombore Gold Project located in Burkina Faso, West Africa.

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 Bombore.

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. They have financed mining projects within West Africa and are very conversant with the technical and political landscape in the region.

We have worked very closely with RCF throughout this process and thank them for their continued support. We are also very pleased to welcome the Beedie Group as a new lender to the Company.

The debt package is structured to provide maximum flexibility for the Company to complete future expansions including the staged Phase II Sulphide Expansion. Bombore hosts a very large M&I resource at shallow depths, has exciting exploration potential, and is open to further enhancement opportunities. We are now ready to ramp up construction activities at Bombore with first gold pour scheduled for Q3-2022.'

About Coris Bank

Coris Bank International ('CBI SA'), the subsidiary of the West African Financial Group Coris Holding, is a Burkinabe private universal bank with a balance sheet in excess of US$2.8 billion and is listed on the Regional Stock Exchange of Securities (BRVM) of UEMOA. It has been the leader of the Burkinabe market since 2016.

Maintaining and consolidating its quality standards throughout its network coupled with its continued growth have enabled CBI SA to obtain numerous national and international distinctions. In 2020, CBI SA received the awards for the 'Best Retail Bank in West Africa' by the prestigious African Banker Awards and for the 'Fastest Growing Bank Partner' by the International Finance Corporation, a subsidiary of the World Bank Group.

The expertise of CBI SA served as a reference for the development of the Coris Group internationally through its establishment in seven (7) other countries in Africa: Benin, Cote d'Ivoire, Guinea Conakry, Mali, Niger, Senegal and Togo.

About RCF

RCF is a group of commonly managed private equity funds, established in 1998 with a mining sector specific investment mandate spanning all hard mineral commodities and geographic regions. Since inception, RCF has supported 198 mining companies, with projects located in 51 countries and across 32 commodities. RCF aims to partner with companies to build strong, successful and sustainable businesses and in doing so, strives to earn superior returns for all shareholders.

About Beedie Capital

Beedie Capital is the private investment arm of Beedie, the largest private industrial owner, developer, and property manager in Western Canada. Beedie Capital partners with ambitious operators of high-growth public and private companies across a variety of industry sectors in North America, including a core focus on metals and mining.

About Orezone Gold Corporation

Orezone Gold Corporation (TSX.V: ORE OTCQX: ORZCF) is a Canadian development company which owns a 90% interest in Bombore, one of the largest undeveloped gold deposits in Burkina Faso.

The 2019 feasibility study highlights Bombore as an attractive shovel-ready gold project with forecasted annual gold production of 118,000 ounces over a 13+ year mine life at an All-In Sustaining Cost of US$730/ounce with an after-tax payback period of 2.5 years at an assumed gold price of US$1,300/ounce. Current Bombore mineral resources are in excess of 5 million ounces of gold.

Contact:

Tel: 1 778 945 8977

Toll Free: 1 888 673 0663

Email: info@orezone.com

Web: www.orezone.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute 'forward-looking information' within the meaning of applicable Canadian Securities laws and 'forward-looking statements' within the meaning of applicable U.S. securities laws (together, 'forward-looking statements'). Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'potential', 'possible' and other similar words, or statements that certain events or conditions 'may', 'will', 'could', or 'should' occur. Forward-looking statements in this press release include, but are not limited to, statements with respect to the Bombore project being fully funded to production, projected first gold by Q3-2022, the Senior Debt Facility, the Convertible Note Facility and the Equity Offering, including the anticipated closing date and use of proceeds of the Senior Debt Facility, the Convertible Note Facility and the Equity Offering.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by the COVID-19 pandemic, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form and management discussion and analysis filed on SEDAR on www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

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