Bought Deal Public Offering of Common Shares
cnw
/Not for distribution to U.S. news wire services or dissemination in the
United States/
VANCOUVER, Feb. 23 /CNW/ - Great Basin Gold Ltd. ("Great Basin Gold" or
the "Company"), (TSX: GBG) (NYSE: 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).
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 http://www.grtbasin.com/">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
