02:42 PM EDT, 04/28/2025 (MT Newswires) -- Resource Capital Fund VII L.P., a private investment fund, on Monday provided details on its sale of shares in Orezone Gold Corporation ( ORZCF ) .

The fund in a statement said that on April 17, 2025, it sold 40 million common shares in the capital of Orezone at a price of C$1.15 per Orezone Share. It added the net proceeds received by RCF in respect of the sale was $45.65 million.

Immediately prior to the sale, RCF owned and controlled a total of 72.41 million Orezone shares, representing approximately 13.75% of the issued and outstanding Orezone shares. As a result of and immediately following the sale, RCF owned and controlled a total of 32.41 million Orezone shares, representing approximately 6.16% of the issued and outstanding Orezone shares.

RCF also holds a US$25 million convertible debenture, previously issued by the company on Oct. 15, 2021 and amended on Dec. 20, 2024. Pursuant to the terms of the amended debenture, RCF may elect to convert the outstanding principal amount of the amended debenture into Orezone shares at a conversion price of US$0.70 per Orezone share, in accordance with the terms set out in the amended debenture.

As a result of and immediately following the sale, assuming the conversion in whole of the principal amount of the amended debenture at the conversion price, RCF would come to own an aggregate of 68,129,946 Orezone shares, representing approximately 12.12% of the issued and outstanding.

RCF said it disposed of the Orezone Shares in accordance with its investment policy to generate proceeds from its investment in Orezone.

ORE was at last look up $0.01 at $1.18.

Price: 1.18, Change: +0.01, Percent Change: +0.85