Friday, 30 March 2012

Great Basin Gold announces closing of $50 million bought deal, public offering of units

Great Basin Gold (TSE:GBG) announced on Friday that it has closed its previously announced $50 million bought deal offering of units at a price of 75 cents per, with a syndicate of underwriters led by RBC Capital Markets.

Each unit consists of one common share of Great Basin Gold and one half of one purchase warrant. Each warrant will be exercisable for a period of two years following the closing of the offering at an exercise price of 90 cents per warrant.

Net proceeds from the offering will be used for working capital for the development and ramp up of the Burnstone Mine in South
Africa’s Witwatersrand Basin, about 80 kilometres southeast of Johannesburg.

Great Basin Gold’s shares were up 1.52 percent on Friday morning, at 67 cents.

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