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Golden Star completes sale of US$125 million convertible senior unsecured debentures

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Golden Star Resources

On November 8, 2007, Golden Star Resources Ltd. announced that it had completed the sale of US$125 million aggregate principal amount of 4.0% Convertible Senior Unsecured Debentures due November 30, 2012 (the "Debentures"). The Debentures were sold to qualified institutional buyers in the United States in reliance on Rule 144A of the U.S. Securities Act of 1933, as amended (the "Securities Act") and on a private placement basis in Canada to accredited investors pursuant to applicable Canadian prospectus exemptions and in reliance on Regulation S under the Securities Act. The net proceeds of the offering were US$121,250,000. Golden Star has used US$61.76 million of the net proceeds to repay its existing US$50 million aggregate principal amount 6.85% senior convertible notes due April 15, 2009, and intends to use the balance for property development and general corporate purposes. Golden Star was advised in this transaction by a team from Fasken Martineau that included John Turner, John Sabetti and Bozidar Crnatovic, assisted by student-at-law Daniel Fuke.



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