Keegan Resources Completes Offering

On February 17, 2011, Keegan Resources Inc. completed a bought deal share offering of 28,405,000 common shares, which included 3,705,000 common shares issued on exercise of the over-allotment option, at an issue price of $7.50 per share for gross proceeds of $213,037,500. The offering was conducted by a syndicate of underwriters led by Canaccord Genuity Corp. and Clarus Securities Inc., and including Dundee Securities Corp., BMO Nesbitt Burns Inc. and CIBC.

McMillan LLP acted as Canadian and US counsel to Keegan, with a team that included Bernhard Zinkhofer and Barbara Collins (capital markets/securities) and Herbert Ono (capital markets/US securities). Dorsey & Whitney LLP acted as special US tax counsel to Keegan, with a team that included John Hollinrake and Greg Perry.

Blake, Cassels & Graydon LLP acted as Canadian counsel to the underwriters, with a team that included Bob Wooder, Kathleen Keilty, Michelle Audet and Joshua Brubacher (corporate/securities). Skadden, Arps, Slate, Meagher & Flom LLP acted as US counsel to the underwriters, with a team that included Riccardo Leofanti, Ryan Dzierniejko and Terence Trinh (corporate/securities).