This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Great Basin Gold Executes US$150 Million Credit Facility

VANCOUVER, Dec. 7, 2011 /PRNewswire/ - Great Basin Gold Ltd, ("Great Basin" or the "Company"), (TSX: GBG) (NYSE Amex: GBG) (JSE: GBG) today announced that all parties have executed the Term Facility Agreement for the previously announced US$150 million finance facility (the "facility") provided by Credit Suisse AG and Standard Chartered Bank on a co-arranger basis. Following the fulfillment of customary conditions precedent which include finalization of ancillary agreements, counsel opinions and execution of the restructured Zero Cost Collar ("ZCC") hedge agreement, the transaction is expected to close, with funds expected to be available for draw down, on or before December 15, 2011.

The facility, for which the Burnstone project is primary security, has a maximum term of 5 years from date of draw down, with capital repayment commencing March 15, 2013 and bears interest at a margin of 4% over the USD LIBOR rate. Proceeds from this facility will be used to settle the outstanding principle amount of Term loan 1 (refer interim financial statements for the period ending September 30, 2011) and amounts drawn down under the standby debt facility (closed in August 2011).

Ferdi Dippenaar, CEO and President commented; "We are extremely pleased with the speed and efficiency with which this low cost facility was arranged and executed by the lenders. Following the operational delays the credit facility provides the funding required to finance the additional development to help enable the delivery of the previously announced 2012 production build-up plan at Burnstone."

For additional details on Great Basin and its gold properties, please visit the Company's website at or contact Investor Services:

No regulatory authority has approved or disapproved the information contained in this news release.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.31%
FB $102.01 0.10%
GOOG $682.40 -0.10%
TSLA $151.04 0.38%
YHOO $27.04 1.05%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs