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Great Basin Gold Exercises 10 Mln Shares, 5 Mln Warrants Over Allotment Option

4/5/2012 8:16 PM ET

Great Basin Gold Ltd. (GBG.TO: Quote) said Thursday that RBC Capital Markets has exercised the underwriters' over allotment option on behalf of underwriters to purchase an additional 10,005,000 common shares at $0.75 per share and 5,002,500 warrants at a price of $0.90 per warrant, for gross proceeds of C$7.5 million.

Each warrant will allow the holder to purchase one common share of the company at a price of $0.90 share before March 30.

The company noted that net proceeds from the offering will be used for the development and ramp up of the Burnstone Mine.

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by RTT Staff Writer

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