08:40 AM EDT, 03/17/2025 (MT Newswires) -- Orezone Gold ( ORZCF ) , which rose nearly 6% on Friday to approach its 52-week high, on Monday said Nioko Resources will invest $8.8 million in the miner to maintain its stake at 19.9%.

Nioko will purchase 10.7 million common shares in a private placement at $0.82 each for a total of $8.8 million. The private placement is expected to be completed this month. The deal comes after Orezone last week sold 42.7 million shares in a bought deal to raise $35 million.

"Nioko is a West African investment group and its ongoing investment is a strong endorsement of the company's current growth and marketing strategy," said Chief Executive Patrick Downey.

He added that Orezone is moving forward with plans for a dual listing on the Australian Securities Exchange.

Orezone will report fourth-quarter results on March 20.