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GBG raises C$126m

Miningmx | Fri, 20 Nov 2009 11:54
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[miningmx.com] -- GREAT Basin Gold has closed its bought deal for convertible debentures, raising C$126.5m so that it complete development of its Burnstone mine in South Africa.

The underwriters of the deal were led by RBC Capital Markets and included BMO Capital Markets, Raymond James Ltd. and Thomas Weisel Partners Canada Inc. The underwriters have exercised their over-allotment option resulting in aggregate gross proceeds of C$126.5m.

“We are pleased to have completed a very successful transaction that provides Great Basin Gold with the capital it requires to fully develop the Burnstone project,” Ferdi Dippenaar, CEO said.

Net proceeds from the Offering will be used for repayment of amounts drawn down on the Company’s project finance facility, development of the Company’s Burnstone project (replacing the proposed Burnstone project finance facility) and general corporate purposes.



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