On August 3, 2016, Golden Star Resources Ltd. (“Golden Star”) completed a public offering in Canada and the United States of 46 million common shares (the “Common Shares”) at a price of US$0.75 per Common Share, for aggregate gross proceeds of US$34.5 million (the “Equity Offering”), which included the full exercise of an over-allotment option granted to the underwriters.
The Equity Offering was conducted by a syndicate of underwriters led by BMO Nesbitt Burns Inc. and including National Bank Financial Inc., Scotia Capital Inc. and CIBC Worlds Markets Inc.
Golden Star also completed a concurrent private placement (the “Private Placement”) in the United States of US$65 million aggregate principal amount of 7 per cent convertible senior notes due 2021.
As part of the Private Placement, Golden Star exchanged US$42 million principal amount of its outstanding 5 per cent convertible senior unsecured debentures due June 1, 2017, for an equal principal amount of newly issued convertible senior notes.
Fasken Martineau DuMoulin LLP acted as Canadian counsel to Golden Star in respect of the Equity Offering and the Private Placement with a team that included John Sabetti, John Turner, Will Shaw, Justine Connors, David Steinhauer, Mitchell Thaw and Jon Holmstrom.
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US counsel to Golden Star in respect of the Equity Offering and the Private Placement with a team of Chris Cummings, Adam Givertz, Aaron Abramson, Ian Hazlett, Christian Kurtz and Oliver Loxley (corporate); Bill O’Brien (environmental); and David Sicular and Amir Cooper (tax).
Stikeman Elliott LLP acted as Canadian counsel to the underwriters in respect of the Equity Offering and the Private Placement with a team that included Timothy McCormick, Colin Burn, and Caroline Klinkhoff. Dorsey & Whitney LLP acted as US counsel to the underwriters on the Equity Offering and Private Placement with a team that included Kenneth Sam, Jason Brenkert, Erin McCrady and James Guttman.