VANCOUVER,
March 30, 2012 /PRNewswire/ - Great
Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX: GBG)
(NYSE Amex: GBG) (JSE: GBG) announces that it has closed its
previously announced bought deal offering (the "Offering") of units
(the "Units"), at a price of $0.75
per Unit, with a syndicate of underwriters (the
"Underwriters"). Each Unit consists of one common share of
Great Basin Gold (a "Common Share") and one half of one purchase
warrant (each whole warrant, a "Warrant"). Each Warrant will
be exercisable for a period of 2 years following the closing of the
Offering at an exercise price of $0.90 per Warrant.
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.