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Great Basin Gold Raises CDN$126.5 Million

November 20, 2009 (FinancialWire) — Great Basin Gold Ltd. (AMEX: GBG) has closed a bought deal offering of senior unsecured convertible debentures with a syndicate of underwriters. The underwriters have exercised their over-allotment option resulting in aggregate gross proceeds of CDN$126.5 million.

The debentures will mature on November 30, 2014 and will accrue interest at the rate of 8% per annum payable on a semi-annual basis. At the holder’s option, the debentures may be converted into common shares of Great Basin Gold at any time up to the maturity date. The conversion price will be CDN$2.15 for each common share, subject to adjustment in certain circumstances.

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