On December 17, 2009, Golden Star Resources Ltd. (the "Company") announced that it had closed its previously announced offering of 20 million common shares at a price of US$3.75 per share resulting in US$75 million in gross proceeds, or approximately US$71.6 million in net proceeds to the Company. The underwriters have an over allotment option, exercisable for a period of 30 days following today's closing, to acquire up to an additional 3.0 million common shares at a price of US$3.75 per share for additional gross proceeds of up to US$11.25 million, or net proceeds of up to approximately US$10.7 million.
Golden Star holds a 90% equity interest in the Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in the Guiana Shield of South America. Golden Star was advised in this transaction by Fasken Martineau with a team that included John Sabetti, Bozidnar Crnatovic, Krisztian Toth, Andrew Derksen and Laura Fetter.