Ms. Vanessa Pickering reports

OREZONE COMPLETES C$20.3 MILLION BOUGHT DEAL OFFERING

Orezone Gold Corp. has completed its previously announced bought deal equity financing. A total of 37,595,900 units of the company were issued at a price of 54 cents per unit for aggregate gross proceeds of $20,301,786. Each unit comprises one common share of the company and one-half of one common share purchase warrant of the company. Each warrant entitles the holder to acquire one common share of the company at a price of 80 cents per share at any time on or before Jan. 29, 2023.

The offering was co-led by Canaccord Genuity Corp. and PI Financial Corp., and included CIBC World Markets Inc., Raymond James Ltd., Cormark Securities Inc. and Paradigm Capital Inc. The underwriters received a cash commission equal to 6 per cent of the gross proceeds of the offering. The units were offered by way of a short-form prospectus in each of the provinces of Canada, except Quebec.

Resource Capital Fund VII LP, which has a pro rata right pursuant to the terms of an investor rights agreement dated March 23, 2018, exercised its right in full and, as a result, following closing of the offering, owns 19.99 per cent of the total issued and outstanding common shares of the company.

Patrick Downey, the company's president and chief executive officer, stated: "Completion of this financing has significantly strengthened our balance sheet and provides the flexibility to continue all critical ongoing activities to advance Bombore towards production. We are also very pleased that RCF has demonstrated their further financial commitment in the company and project. We intend to use the net proceeds from the offering to fund the completion of the phase I resettlement plan, ongoing detailed engineering and construction works, and general corporate purposes as we advance our project financing efforts towards securing binding debt commitments later this year."

The warrants issued under the offering have been conditionally approved for listing on the TSX Venture Exchange and are expected to commence trading on the TSX-V on Jan. 31, 2020, under the trading symbol ORE.WT. The warrant indenture governing the warrants provides that a holder of warrants may not exercise warrants to acquire shares that would result in such holder holding 20 per cent or more of the issued and outstanding shares without prior approval of the TSX-V and the consent of the company.

The closing of the offering included the issuance of 495,900 units as part of a partial exercise of the overallotment option granted by the company to the underwriters.

About Orezone Gold Corp.

Orezone Gold is a Canadian exploration and development company, which owns a 90-per-cent interest in Bombore, one of the largest undeveloped gold deposits in Burkina Faso. Bombore hosts a large oxide resource underlain by a larger, open sulphide resource and will be developed in two stages.

We seek Safe Harbor.