| Thu 24 Feb 2011, 9:25 | | GBG - Great Basin - Announces closing of C$86.26 million bought deal public |
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GBG
GBG
GBG - Great Basin - Announces closing of C$86.26 million bought deal public
offering of common shares
GREAT BASIN GOLD LIMITED
(Incorporated in Canada and registered as an External Company in South Africa)
(Registration No. 2006/021304/10)
Share Code: GBG ISIN Number: CA3901241057
("Great Basin" or "the Company")
GREAT BASIN GOLD ANNOUNCES CLOSING OF C$86.26 MILLION BOUGHT DEAL
PUBLIC OFFERING OF COMMON SHARES
Not for distribution to U.S. news wire services or dissemination in the United
States
February 23, 2011, Vancouver, BC - Great Basin Gold Ltd. ("Great Basin Gold"
or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that it has
closed its previously announced bought deal offering of common shares with a
syndicate of underwriters led by RBC Capital Markets and including, BMO
Capital Markets and Raymond James Ltd. (the "Offering"). The underwriters have
exercised their over-allotment option resulting in aggregate gross proceeds of
C$86.26 million.
Net proceeds from the Offering will be used predominantly for working capital
to support the ramp up at Burnstone and to advance exploration activities at
identified exploration targets at Hollister. Working capital for Burnstone
includes additional on-reef development required by the preferred Long Hole
Stoping mining method that is expected to accelerate and enhance delivery of
planned production in the medium term.
The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registrations requirements of such Act. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy the
securities in any jurisdiction in which such offer, sale or solicitation would
be unlawful.
Copies of the final short form prospectus may be obtained from RBC Capital
Markets, Attention: Distribution Centre, 277 Front St. W., 5th Floor, Toronto,
Ontario M5H 2X4 (tel: 416-842-5349).
For additional details on Great Basin Gold and its gold properties, please
visit the Company`s website at www.grtbasin.com or contact Investor Services:
Tsholo Serunye in South Africa +27 (0)11 301-1800
Michael Curlook in North America +1 888 633-9332
Barbara Cano at Breakstone Group in the USA +1 (646) 452-2334
No regulatory authority has approved or disapproved the information contained
in this news release.
Cautionary and Forward Looking Statement Information
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of
historical facts, that address financing events or technical developments that
Great Basin Gold expects to occur are forward-looking statements. Although the
Company believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially
from those in the forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking statements include
financial market conditions, metals prices, exploitation and exploration
successes, continuity of mineralization, uncertainties related to the ability
to obtain necessary permits, licenses and title and delays due to third party
opposition, geopolitical uncertainty, changes in government policies regarding
mining and natural resource exploration and exploitation, continued
availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements. For more
information on the Company, Investors should review the Company`s annual Form
40-F filing with the United States Securities and Exchange Commission and its
home jurisdiction filings that are available at www.sedar.com.
Sponsor
Nedbank Capital
Date: 24/02/2011 09:25:01 Produced by the JSE SENS Department.
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