News Out!
Golden Star Announces Completion of Ghanaian Offering
9:30a ET February 1, 2008 (Business Wire)
Golden Star Resources Ltd. (AMEX: GSS) (TSX: GSC) today announced that it has completed the sale of 1,869,020 common shares, with gross proceeds to Golden Star of 5,607,060 Ghanaian Cedis or approximately $5.8 million. The offering was carried out in support of Golden Star's recent application to list its common shares on the Ghana Stock Exchange. The shares were registered under the U.S. Securities Act of 1933.
Since the majority of Golden Star's exploration and production assets are located in Ghana it was a natural progression for Golden Star to seek a listing of its common shares on the local stock exchange in order to support the further growth of the Ghana Stock Exchange and to provide our employees and stakeholders in Ghana with an opportunity to invest in Golden Star.
Trading on the Ghana Stock Exchange is expected to commence on February 15, 2008. Golden Star has secured the listing of the common shares issued in the Ghanaian offering on the American Stock Exchange and has received conditional approval to list those shares on the Toronto Stock Exchange, with that listing being subject to Golden Star fulfilling the applicable listing requirements. Upon the commencement of trading on the Ghana Stock Exchange, the common shares of Golden Star will trade concurrently on all three exchanges.
Tom Mair, Interim President and CEO, commented, "We are very pleased with the success of this offering in Ghana. We look forward to many years of continuing work in Ghana and this offering supports our efforts by allowing our local employees, the Ghana Stock Exchange and Ghana in general to benefit and grow with Golden Star."
Company Profile
Golden Star holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in the Guiana Shield of South America. Golden Star has approximately 233 million shares outstanding.
Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding the timing for the commencement of trading on the Ghana Stock Exchanges. Factors that could cause actual results to differ materially include fluctuations in gold price, changes in U.S., Canadian and Ghanaian securities markets, and failure to receive regulatory and/or stock exchange approvals. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other risk factors in our annual report on Form 10-K, as amended, for the fiscal year ended December 31, 2006. While we may elect to update the forecasts at any time, we do not undertake to update them at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management's estimate as of any date other than the date of this press release.
For further information, please contact: GOLDEN STAR RESOURCES LTD. +1-800-553-8436 Bruce Higson-Smith, Vice President Corporate Development Anne Hite, Investor Relations Manager
SOURCE: Golden Star Resources Ltd.
Golden Star Resources Ltd. Bruce Higson-Smith, Vice President Corporate Development, +1-800-553-8436 Anne Hite, Investor Relations Manager, +1-800-553-8436
