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Client Work

Golden Star sells shares of EURO Ressources for US$30 million

Fasken
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Client

Golden Star Resources Ltd.

On December 21, 2006, Golden Star Resources Ltd. announced that it had sold over the preceding three weeks approximately eighteen million common shares of EURO Ressources S.A. in a series of public and private transactions, resulting in the reduction of Golden Star's ownership interest in EURO to approximately three million EURO shares or approximately 6% of its outstanding equity. Net proceeds of the divestment totaled approximately $30 million. These sales of EURO shares were consistent with Golden Star's restructuring of EURO (formerly named Guyanor Ressources S.A.) initiated in August 2004. The goal of the restructuring plan was to establish EURO as an independent and economically viable entity that would not be dependent on Golden Star. John Sabetti of Fasken Martineau advised Golden Star in these transactions.

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