Nioko acquired about 10.7-million shares of Orezone at C$0.82 per share, for a total of C$8.79 million Wednesday, about 2% of Orezone's outstanding shares after the equity financing.

Before this acquisition, Nioko Resources owned about 92.7-million Orezone hares. After the acquisition, Nioko's total holdings in Orezone represent about 19.6% of the company's outstanding shares, the company said.

Nioko Resources acquired the shares for investment purposes and may adjust its holdings depending on market conditions, according to the statement.

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