| Fri 23 Mar 2007, 12:35 | | GBG - Great Basin Gold Ltd Announces Public Offeri |
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GBG
GBG
GBG - Great Basin Gold Ltd Announces Public Offering
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 Ltd. Announces Public Offering
Vancouver, British Columbia - March 22, 2007 - Great Basin Gold Ltd. (the
"Company") (TSX: GBG; AMEX: GBN; JSE: GB Gold) - announced today that it has
filed a preliminary short form prospectus with Canadian securities
regulators and a related registration statement with the U.S. Securities and
Exchange Commission under the U.S.-Canada multi-jurisdictional disclosure
system, relating to a proposed public offering of units. Each unit will be
comprised of one common share and one-half of one common share purchase
warrant. The number of units to be distributed and the price of each unit
will be determined in the context of the market with final terms to be
determined at the time of pricing. A syndicate led by BMO Capital Markets
and including Desjardins Securities Inc., Pacific International Securities
Inc. and RBC Capital Markets act as underwriters in connection with the
offering.
The net proceeds from this offering will be used by the Company to pay the
cash purchase price of Hecla Ventures, for exploration and development at
the Hollister Property, as well as for working capital. The offering is
expected to close mid-April 2007 and is subject to receipt of all necessary
regulatory and stock exchange approvals.
A preliminary short form prospectus relating to the units has been filed in
all Provinces and Territories of Canada, and a registration statement under
the U.S.-Canada multijurisdictional disclosure system has been filed with
the U.S. Securities and Exchange Commission, but has not yet become
effective. These securities may not be sold nor may offers to buy be
accepted prior to the issuance of a receipt for the short form prospectus
and the time the registration statement becomes effective. This press
release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any state or
province in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state
or province. No offer to buy the securities can be accepted and no part of
the purchase price can be received until the registration statement has
become effective, and any such offer may be withdrawn or revoked, without
obligation or commitment of any kind, at any time prior to the notice of its
acceptance given after the effective date.
Copies of the preliminary prospectus may be obtained from BMO Nesbitt Burns
at 1 First Canadian Place, 4th Floor, Toronto, ON M5X 1H3 and copies of the
registration statement may be obtained from BMO Nesbitt Burns at 3 Times
Square, 27th Floor, New York, NY 10036.
For additional details, please visit the Company`s website at
www.greatbasingold.com or contact Investor Services at (604) 684-6365 or
within North America at 1-800-667-2114.
Ferdi Dippenaar
President and CEO
No regulatory authority has approved or disapproved the information
contained in this news release.
Forward Looking Statements or Information: Statements or information in
this news release announcing the proposed offering and the anticipated use
of proceeds are forward-looking statements or information within the meaning
of the United States Private Securities Litigation Reform Act of 1995.
Forward looking statements or information are statements or information that
are not historical facts and that are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements or
information, including the need to negotiate an underwriting agreement with
the managing underwriters and to satisfy the conditions set forth therein;
the need to satisfy regulatory and legal requirements with respect to the
proposed offering; risks related to the exploration and development of the
Company`s projects; market fluctuations in prices for securities of
exploration stage companies; uncertainties about the availability of
additional financing; uncertainties related to fluctuations in gold prices;
the possibility that the Company may change its plans with respect to one
or more properties; and other risks and uncertainties described in the
Company`s annual report on Form 40-F and Reports on Form 6-K filed with or
furnished to the U.S. Securities and Exchange Commission. Although we
believe the expectations reflected in our forward looking statements or
information are reasonable, results may vary, and we cannot guarantee future
results, levels of activity, performance or achievements. For further
information about the Company see its public filings available for review
and download at www.sec.gov and www.sedar.com.
Date: 23/03/2007 12:35:52 Produced by the JSE SENS Department.
