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

Great Basin Gold Ltd. (GBG.TO) 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.

by RTTNews Staff Writer

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