Just my 2 cents-
Shares Outstanding5: 357.84M
Float: 308.07M
% Held by Insiders1: 8.88%
% Held by Institutions1: 68.30%
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November 16, 2007:
Orezone Resources Inc. Announces US$200,000,000 Financing
Orezone Resources Inc. (OZN:TSX, AMEX) (“Orezone”) announced today that it has agreed to issue a total of 166,700,000 common shares at a price of US$1.20 per share for aggregate gross proceeds of US$200,040,000. Orezone has entered into an underwriting agreement to issue 154,200,000 common shares in the United States and Canada by way of the multijurisdictional disclosure system prospectus, resulting in gross proceeds of US$185,040,000. In addition, Minquest Fund I, L.P. has agreed to subscribe, by way of a concurrent private placement and subject to regulatory approval, for 12,500,000 common shares of Orezone at the same price per share as that of the public offering, resulting in gross proceeds of US$15,000,000 to Orezone.
The underwriting syndicate is led by BMO Capital Markets, CIBC World Markets Inc., and J.P. Morgan Securities Inc. and includes Canaccord Capital Corporation and Raymond James Ltd. Orezone has granted the underwriters an option to purchase up to an additional 23,130,000 common shares at the offering price to cover over-allotments and for market stabilization purposes for a period ending 30 days from the closing of the Offering. If the over-allotment option is exercised in full, gross proceeds of the prospectus offering will be US$212,796,000.
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October 11, 2007:
Orezone to Acquire 100% Interest in the Essakane Project
Orezone Resources Inc. (OZN:TSX, AMEX) is pleased to announce that it has entered into an agreement with its partner Gold Fields Limited (“Gold Fields”, JSE, NYSE, DFIX: GFI) to acquire their 60% interest in the Essakane Project (“Essakane”) in Burkina Faso, West Africa in consideration for US$200 million in cash and shares. As a result, Orezone will become the operator with a 100% interest in the project.
Based on a recently completed Definitive Feasibility Study and subsequent resource update (September 2007) the 60% interest in the Essakane Project represents an addition to Orezone of 1.6 million ozs of gold in reserves, 2.4 million ozs in measured and indicated resources and 761,000 ozs in Inferred Resources. As part of the terms of the agreement, Gold Fields will receive US$150 million in cash and US$50 million in common shares of Orezone that are subject to a six month Lock-Up agreement.
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