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VanEck Vectors Global Alternative Energy ETF

Published : March 17th, 2011

REPAYS SENIOR SECURED NOTES

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Keywords :   Fixed | Gold Mine | South Africa | Witwatersrand |

 

Great Basin Gold repays senior secured notes

 

 

 

 

 

 

 

Great Basin announced that it has repaid the 2008 Senior Secured Notes ("Notes") with the proceeds of the previously announced Term Loan Facility from Credit Suisse AG. The facility was increased from US$60 million to US$70 million to maximize leverage from this low-cost facility. The facility has been fully drawn down and has a term of 4 years, is repayable in quarterly installments commencing September 2011, and bears interest at a premium of 3.75% over the 3 month US LIBOR rate. It is secured by the Company's Nevada assets. As part of the facility, the Company executed a zero-cost-collar hedging program, consisting of a total of 117,500 ounces of gold spread over a 4 year term commencing in January 2012. The call option price was fixed at US$1,930 per ounce with the put option at US$1,050 per ounce and as long as gold trades within these prices there is no cash cost to the hedge.

 

The Company also announces that it has now filed its consolidated annual audited financial statements and related Management's Discussion and Analysis for the year ended December 31, 2010 on SEDAR.com and on the Company's website. The audited financial results are identical to the preliminary results released on February 24, 2011.

 

In other corporate news, Mr. Walter Segsworth has resigned as a director of the Company. The Board is in the process of nominating additional directors for the June 2011 shareholders meeting which will include two women candidates with solid financial and mining backgrounds. The proposed candidates will bring a wealth of experience and fresh views to the Board and will help ensure a better gender balance on it.

 

Ronald Thiessen, Chairman, stated "On behalf of the Board, I would like to personally thank Walter for his several years of hard work and thoughtful insight into development and operational issues. We wish him all the best in his other endeavours."

 

Ferdi Dippenaar, CEO, commented "We were very pleased with the speed and efficiency with which Credit Suisse was able to finalize the loan and then upsize it. This low-cost and flexible facility is a significant improvement in our cost of capital over the burden of the 2008 Senior Secured Notes."

Great Basin Gold is a mining company engaged in the exploration and development of gold properties. The Company is currently focused on its two emerging mines in the world's two richest gold regions. The Hollister gold mine is located on the Carlin Trend in Nevada, USA and the Burnstone gold mine is located in the Witwatersrand goldfield of South Africa.

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

For more information on the Company and the risks inherent in its business, Investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at www.sedar.com.

 

 

Data and Statistics for these countries : South Africa | All
Gold and Silver Prices for these countries : South Africa | All

VanEck Vectors Global Alternative Energy ETF
PRODUCER
CODE : GBG.TO
ISIN : CA3901241057
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Great Basin Gold is a gold development stage company based in Canada.

Great Basin Gold produces gold, silver in South Africa and in USA, develops gold in South Africa, and holds various exploration projects in Tanzania.

Its main assets in production are HOLLISTER in USA and BURNSTONE in South Africa, its main asset in development is ESMERALDA in South Africa and its main exploration properties are TSETSERA in Mozambique and LUPA/LAKE VICTORIA in Tanzania.

Great Basin Gold is listed in Canada, in Germany, in South Africa and in United States of America. Its market capitalisation is 3.8 millions as of today (US$ 3.9 millions, € 3.0 millions).

Its stock quote reached its highest recent level on December 31, 2004 at 3.85, and its lowest recent point on September 14, 2012 at 0.08.

Great Basin Gold has 47 442 200 shares outstanding.
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Annual reports of VanEck Vectors Global Alternative Energy ETF
2008 Annual Report
2007 Annual Report
Financings of VanEck Vectors Global Alternative Energy ETF
2/23/2011Announces Closing of C$86.26 Million Bought Deal Public Offe...
Nominations of VanEck Vectors Global Alternative Energy ETF
10/3/2011announces the appointment of Chief Operating Officer
5/16/2011ANNOUNCES THE APPOINTMENT OF NEW DIRECTORS
11/3/2008APPOINTS CHRIS KNOETZE AS GENERAL MANAGER OF THE BURNSTONE M...
Financials of VanEck Vectors Global Alternative Energy ETF
2/24/2011Financing Activities and Unaudited Results for Q4 2010 and t...
Hedging of VanEck Vectors Global Alternative Energy ETF
3/17/2011REPAYS SENIOR SECURED NOTES
Project news of VanEck Vectors Global Alternative Energy ETF
9/11/2012(Burnstone)Suspends Operations at its Burnstone Mine
4/11/2011(Hollister)S EXPLORATION AND DRILLING RESULTS FOR HOLLISTER PROJECT...
3/24/2011(Hollister)HOLLISTER OPERATION REMOVED FROM SAFETY WATCH LIST
1/19/2011(Hollister)PROVIDES Q4 2010 PRODUCTION UPDATE
8/11/2009(Hollister)successfully completes refurbishment of Esmeralda Mill
5/19/2009(Hollister)RESOURCE WATCH WITHDRAWS APPEAL AGAINST THE RENEWAL OF THE H...
11/12/2008(Burnstone)REPORTS PROGRESS IN QUARTER ENDING SEPTEMBER 30 2008
11/10/2008(Hollister)HOLLISTER PROJECT COMPLETES THIRD TEST BATCH AT NEWMONT'S MI...
9/3/2008(Hollister)ANNOUNCES ADDITIONAL HIGH GRADE INTERCEPTS IN THE NEWLY DISC...
8/13/2008(Hollister)COMMENCES TRIAL MINING ON GWENIVERE AND CLEMENTINE HIGH GRAD...
2/13/2008(Hollister)'S HOLLISTER DEVELOPMENT PROJECT ENCOUNTERS EXCEPTIONA
11/13/2007(Hollister)EXPLORATION CONFIRMS EXTENSIONS TO MINERALIZATION AT GREAT B...
Corporate news of VanEck Vectors Global Alternative Energy ETF
10/4/2012s Insolvency Proceedings and DIP Loan Status
9/18/2012subsidiary seeks creditor protection pending loan negoti...
3/20/2012To Our Valued Shareholders
3/14/2012Provides Tranter Update
2/2/2011S HOLLISTER AND BURNSTONE MINERAL RESERVES AND LIFE OF MINE ...
2/2/2011S HOLLISTER AND BURNSTONE MINERAL RESERVES AND LIFE OF MINE ...
8/25/20092009 Mpumalanga govan Mbeki housing awards
7/22/2009ANNOUNCES CHANGES TO THE BOARD
5/14/2009REPORTS PROGRESS IN QUARTER ENDING MARCH 31, 2009
6/26/2008enhances its communication strategy with an added value comm...
6/18/2008HOLLISTER PROJECT INCREASES MEASURED AND INDICATED RESOURCES...
4/1/2008REPORTS INCREASE IN LOSSES AS CAPITAL EXPENDITURE ON GROWTH ...
3/26/2008 PRESENT AT AMEX PRECIOUS AND BASE METALS INVESTORS CONFEREN...
2/18/2008GREAT BASIN CLARIFIES RUSAF GOLD ACQUISITION
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