The Project Financing Package for the Bomboré
~US$95 million (CFA 52.5 billion) senior secured debt facility withCoris Bank International (“Coris Bank”) with annual interest rates of 8.0% and 9.0%.
US$35 million 8.5% convertible debentures issued toResource Capital Fund VII L.P. (“RCF VII”) andBeedie Investments Ltd. (“Beedie Capital”) (the “Convertible Note Facility”).
- Silver stream agreement with
Euro Ressources S.A. (“Euro”) to sell 50% of the future silver production from the Bomboré Gold Mine for an upfront cash payment ofUS$7.15 million .
Mr.
The Company would like to thank
The Convertible Note Facility (and the common shares of the Company (the “Common Shares”) that the Convertible Note Facility may be converted into) are subject to a hold period of four months and one day from the date of issuance of the Convertible Note Facility, expiring on
Early Warning Disclosures
The following additional information is provided pursuant to the early warning requirements of applicable Canadian securities laws.
RCF VII currently owns 62,264,450 Common Shares representing approximately 19.25% of the issued and outstanding Common Shares and 4,056,600 warrants that, if exercised, would result in RCF VII owning an additional 1.25% of the issued and outstanding Common Shares, for a total ownership interest of 20.25% of the then issued and outstanding Common Shares.
Assuming the conversion in whole of the
The RCF Debenture was acquired for investment purposes. RCF VII may from time to time acquire additional securities, dispose of some or all of the existing or additional securities, or may continue to hold the securities of the Company. Pursuant to the Amended and Restated Investor Rights Agreement dated
RCF VII's head office is located at
Pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting, a report will be filed with regulatory authorities in each of the jurisdictions in which the Company is a reporting issuer containing information with respect to the acquisition of securities of the Company by RCF VII (the “Early Warning Report”). The Early Warning Report will be available on the Company’s SEDAR profile at www.sedar.com and may be obtained by contacting
The RCF Debenture issued to RCF VII is a “related party transaction” as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”), requiring the Company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the “related party transactions”. The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements set out in MI 61-101 as the fair market value of the RCF Debenture does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. However, in accordance with the policies of the
About
The 2019 feasibility study highlights Bomboré 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
President and Chief Executive Officer
Manager, Investor Relations
Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
info@orezone.com / www.orezone.com
For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.
Neither
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable
All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.
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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