Business
Golden Star Announces US$30 Million Offering of Common Shares
TORONTO, July 25, 2016 /CNW/ - Golden Star Resources Ltd. (NYSE MKT: GSS; TSX: GSC; GSE: GSR) ("Golden Star" or the "Company") announces that it intends to offe
About this update from Trailbreaker Resources Ltd
[{"type":"text","content":"TORONTO, July 25, 2016 /CNW/ - Golden Star Resources Ltd. (NYSE MKT: GSS; TSX: GSC; GSE: GSR) (\"Golden Star\" or the \"Company\") announces that it intends to offer up to US$30.0 million of its common shares in an underwritten public offering (the \"Equity Offering\"). The Company expects to grant the underwriters of the Equity Offering a 30-day option to purchase additional common shares for additional gross proceeds of up to 15% of the offering amount to cover over-allotments, if any, and for market stabilization purposes. The Company intends to use the net proceeds from the Equity Offering, together with the net proceeds from a concurrent private offering of convertible senior notes (the \"Notes\"), to strengthen its balance sheet by retiring certain of its outstanding indebtedness, including through the repurchase of its 5.0% convertible senior unsecured debentures due June 1, 2017 in privately negotiated transactions, repayment of its secured medium term loan facility with Ecobank Ghana Limited and any remaining funds for general corporate purposes. The offering of common shares is being made through an underwriting group led by BMO Capital Markets as sole book-running manager. The Notes are only being offered in the United States to qualified institutional buyers in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\") and to non-U.S. persons outside the United States in reliance on Regulation S under the U.S. Securities Act. The Notes are only being offered in Canada to accredited investors pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The Notes and the common shares issuable upon the conversion of the Notes have not been and will not be registered under the U.S. Securities Act and may not be offered or sold absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and in Canada will be subject to a four month restricted period from the issue date of the Notes. The Company has applied to list the common shares to be issued pur...