Though I've owned them for years, I've never been pleased with GSS management's monetary strategies. $65 million US seems low to me considering the money raising firepower of GSS's underwriting team...
FWIW, I've been switching some of my GSS LTCG shares into MMG at the current dollar discount...
Golden Star Announces Pricing of US$75.6 Million Common Share Offering
Thursday February 22, 9:20 am ET
DENVER--(BUSINESS WIRE)--Golden Star Resources Ltd. (TSX: GSC - News; AMEX: GSS - News) today announced that it has priced an offering of 21 million common shares at a price of US$3.60 per share resulting in $75,600,000 in gross proceeds or $72,198,000 in net proceeds to the Company, after deducting underwriting commissions but before deducting offering expenses. The underwriters have an option to acquire an additional 3,150,000 common shares for additional gross proceeds of $11,340,000 or net proceeds of $10,829,700.
The proceeds will be used to purchase an interest in an electric power station in Ghana, for completion and start-up of the Bogoso Sulfide Expansion Project, for a feasibility study for and work on the Company's Hwini-Butre and Benso properties located in southwest Ghana, and for general corporate and working capital purposes. The Company expects to close the sale of the common shares on March 1, 2007, subject to customary closing conditions.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in any jurisdiction. The offering may only be made in Canada by means of a prospectus, a copy of which may be obtained from BMO Capital Markets at 1 First Canadian Place, 4th Floor, Toronto, ON M5X 1H3 and in the United States only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from BMO Capital Markets at 3 Times Square, 27th Floor, New York, New York 10036. The offering is subject to Toronto Stock Exchange acceptance and approval.
Company Profile
Golden Star holds a 90% equity interest in 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 and various other property interests in Ghana, as well as gold exploration interests elsewhere in West Africa and in the Guiana Shield of South America. Golden Star has approximately 208 million common shares outstanding as of February 16, 2007
News 
Market Data 
Discover 
AI
