Great Basin Gold Completes $149.5M Financing

Effective April 19, 2007, Great Basin Gold Ltd. completed its public offering of 57.5 million units at a price of $2.60 per unit, raising gross proceeds of $149.5 million. Each equity unit comprises a common share and half of one common share purchase warrant. The transaction involved a public offering in every Canadian jurisdiction, plus US registration with the shares being approved for listing on three separate exchanges — TSX, AMEX and JSE — and the warrants being listed on the TSX and JSE.

The use of proceeds from the financing included the purchase of the remaining interest in the Hollister Property in Nevada from Hecla Ventures Corp. for US$45 million (plus US$15 million shares in Great Basin).

A syndicate led by BMO Capital Markets, including Desjardins Securities Inc., Pacific International Securities Inc. and RBC Capital Markets acted as underwriters in connection with the offering.

Lang Michener LLP represented Great Basin on this transaction with a team led by Bernhard Zinkhofer (corporate/securities) that included Barbara Collins (securities), Michael Taylor and Anita Kagna (US securities) and Farzad Forooghian (corporate).

Fasken Martineau DuMoulin LLP acted for the underwriters with a team comprised of lawyers in the Vancouver, Johannesburg and Toronto offices led by Lata Casciano, Al Gourley and John Turner, assisted by Andrey Schmidt, Melody Schalm, Josh Lewis, and Dimitri Cavvadas (securities and mining), and Frank Schober (tax).


Al Gourley Melody D. Schalm Frank S. Schober Josh Lewis Dimitri Peter Cavvadas John S.M. Turner Barbara Collins Michael H. Taylor Farzad Forooghian Lata C. Casciano Bernhard J. Zinkhofer