Orezone Announces Increase to Previously Announced Bought Deal Financing

OTTAWA, ONTARIO--(Marketwired - June 27, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Orezone Gold Corporation (TSX VENTURE:ORE) (Orezone or the Company) is pleased to announce that, due to strong demand, the Company has increased the size of its previously announced offering to 23,000,000 common shares (the "Shares"), at a price of $1.00 per Share for aggregate gross proceeds to Orezone of approximately $23 million (the "Offering"). The Company has entered into an agreement with a syndicate of underwriters co-led by Raymond James Ltd. and National Bank Financial Inc. In addition, the Company has agreed to grant to the underwriters an option to purchase up to an additional 15% of the number of Shares sold under the Offering at a price of $1.00 per Share, on the same terms and conditions as the Offering, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the Offering.

The Company intends to use the net proceeds of the offering for continued exploration and development of the Company's Burkina Faso properties and for general working capital purposes. The Shares to be issued under the Offering will be offered by way of a short form prospectus in all provinces of Canada, except for Quebec.

The Offering is scheduled to close on or about July 19, 2016 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.