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Great
Basin Gold Ltd. ("Great Basin Gold" or the "Company"),
(Toronto:GBG.TO) (NYSE: GBG) (Toronto:GBG.TO) 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).
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.
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