VANCOUVER,
April 5, 2012 /PRNewswire/ - Great
Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX: GBG;
NYSE Amex: GBG; JSE: GBG) announces that the underwriters have
exercised the underwriters' over-allotment option to purchase an
additional 10,005,000 common shares at $0.75 per common share and 5,002,500 warrants at
a price of $0.90 per warrant, for
gross proceeds to the Company of $7,503,750. Each full warrant will entitle
the holder to purchase one common share of the Company at a price
of $0.90 per common share at any time
before 5:00 p.m. (Vancouver time) on March 30, 2014.
The over-allotment option was granted to the
underwriters by the Company to cover over-allotments under the
terms of the Company's public financing completed on March 30, 2012 and the exercise of the
over-allotment option brings the total gross proceeds raised from
the offering to $57,528,750. Closing
of the over-allotment occurred today.
Net proceeds from the Offering will be used for
working capital for the development and ramp up of the Burnstone
Mine.
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.
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.
SOURCE Great Basin Gold Ltd.
