GBG - Great Basin Gold - Announces closing of C$126.5 million bought deal public

GBG - Great Basin Gold - Announces closing of C$126.5 million bought deal public
offering of convertible debentures                                              
GREAT BASIN GOLD LIMITED                                                        
(Incorporated in Canada and registered as an External Company in South Africa)  
(Registration No. 2006/021304/10)                                               
Share Code: GBG      ISIN Number: CA3901241057                                  
("Great Basin Gold" or "the Company")                                           
Not for distribution to U.S. news wire services or dissemination in the United  
States                                                                          
GREAT BASIN GOLD ANNOUNCES CLOSING OF C$126.5 MILLION BOUGHT DEAL PUBLIC        
OFFERING OF CONVERTIBLE DEBENTURES                                              
November 19, 2009, Vancouver, BC - Great Basin Gold Ltd. ("Great Basin Gold" or 
the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that it has      
closed its previously announced bought deal offering of senior unsecured        
convertible debentures (the "Debentures") with a syndicate of underwriters led  
by RBC Capital Markets and including, BMO Capital Markets, Raymond James Ltd.   
and Thomas Weisel Partners Canada Inc (the "Offering").  The underwriters have  
exercised their over-allotment option resulting in aggregate gross proceeds of  
C$126.5 million.                                                                
Ferdi Dippenaar, President and CEO, commented:  "We are pleased to have         
completed a very successful transaction that provides Great Basin Gold with the 
capital it requires to fully develop the Burnstone project."  Net proceeds from 
the Offering will be used for repayment of amounts drawn down on the Company`s  
project finance facility, development of the Company`s Burnstone project        
(replacing the proposed Burnstone project finance facility) and general         
corporate purposes.                                                             
The Debentures are senior unsecured obligations of the Company and are          
guaranteed on a senior unsecured basis by each subsidiary through which the     
Company holds title to the Burnstone project.  The Debentures will rank pari    
passu with all existing and future senior unsecured indebtedness of Great Basin 
Gold, except as it relates to the subsidiary guarantees above.  The Debentures  
will be effectively subordinated to all existing and any future secured debt of 
the Company to the extent of the assets securing such debt.                     
The Debentures will mature on November 30, 2014 and will accrue interest at the 
rate of 8.0% 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 C$2.15 for each      
common share, subject to adjustment in certain circumstances.                   
The Debentures will not be redeemable before November 30, 2012. From November   
30, 2012 through to the maturity date, Great Basin Gold may, at its option,     
redeem the Debentures, in whole or in part, at par plus accrued and unpaid      
interest provided that the weighted average trading price of the common shares  
on the Toronto Stock Exchange for the 20 consecutive trading days ending five   
trading days prior to the date on which notice of redemption is provided is at  
least C$2.90.                                                                   
The securities offered have not been and will not be registered under the U.S.  
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from the registrations    
requirements of such Act. This press release shall not constitute an offer to   
sell or the solicitation of an offer to buy the securities in any jurisdiction  
in which such offer, sale or solicitation would be unlawful.                    
Copies of the final short form prospectus may be obtained from RBC Capital      
Markets, Attention: Distribution Centre, 277 Front St. W., 5th Floor, Toronto,  
Ontario M5H 2X4 (tel: 416-842-5349).                                            
For additional details on Great Basin Gold and its gold properties, please visit
the Company`s website at www.grtbasin.com or contact Investor Services:         
    Tsholo Serunye in South Africa                    27 (0) 11 301 1800        
    Michael Curlook in North America                  1 (888) 633 9332          
    Barbara Cano at Breakstone Group in the USA       (646) 452 2334            
No regulatory authority has approved or disapproved the information contained in
this news release.                                                              
Cautionary and Forward Looking Statement Information                            
This release includes certain statements that may be deemed                     
"forward-looking statements". All statements in this release, other than        
statements of historical facts, that address financing events or technical      
developments that Great Basin Gold expects to occur are forward-looking         
statements. Although the Company believes the expectations expressed in         
such forward-looking statements are based on reasonable assumptions, such       
statements are not guarantees of future performance and actual results or       
developments may differ materially from those in the forward-looking            
statements. Factors that could cause actual results to differ materially        
from those in forward-looking statements include financial market conditions,   
metals prices, exploitation and exploration successes, continuity of            
mineralization, uncertainties related to the ability to obtain necessary        
permits, licenses and title and delays due to third party opposition,           
geopolitical uncertainty, changes in government policies regarding mining       
and natural resource exploration and exploitation,  continued availability      
of capital and financing, and general economic, market or business conditions.  
Investors are cautioned that any such statements are not guarantees of future   
performance and  actual results or developments may differ materially from      
those projected in the forward-looking statements. For more information on      
the Company, 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.                       
Date: 19/11/2009 17:02:01 Supplied by www.sharenet.co.za                     
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