Orezone Gold Corp. (ORE.TO) announced that it has signed a definitive agreement with Cluff Gold plc for the sale and transfer of the Sega Project in Burkina Faso to Cluff for a total consideration of approximately US$29.6 million.
As per the terms of the agreement, Cluff will acquire the Tiba and Namassa exploration permits from Orezone's wholly owned subsidiary Orezone Inc. (BVI), in exchange for US$15 million in cash and 11 million new common shares of Cluff.
This will result in Orezone Inc. owning approximately 7.7% of Cluff's issued and outstanding common shares. The company anticipates closing the Transaction by the end of the first-quarter of 2012.
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