DENVER, July 24, 2002 (PRIMEZONE) -- Golden Star Resources Ltd. ("Golden Star" or the "Company") (AMEX:GSS) (TSE:GSC) is pleased to announce that it has today completed its public offering in the United States and Canada with the sale of 16.1 million units at Cdn$1.90 per unit, to raise total gross proceeds of Cdn$30.6 million. The offering was originally for 14 million units, with the underwriters having a 15% over-allotment option. The underwriters elected to exercise their maximum over-allotment of a further 2.1 million units, to increase the total offering to 16.1 million units.
Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable for two years at a price of Cdn$2.28 to purchase an additional common share. The share purchase warrants will be listed on the Toronto Stock Exchange under the symbol "GSC.WT". Golden Star's common shares are listed on both The American Stock Exchange, under the symbol "GSS", and the Toronto Stock Exchange, under the symbol "GSC".
The proceeds of the offering, which was underwritten by Canaccord Capital Corporation and BMO Nesbitt Burns Inc., will be used to fund the expansion, development and exploration of the Company's projects in Ghana and for general corporate purposes.
Golden Star has a 90% interest in the Bogoso/Prestea open-pit gold mine in Ghana, a 45% managing interest in the Prestea underground mine in Ghana, and is in the process of acquiring a 90% interest in the Wassa gold project in Ghana. In addition, the Company has other gold exploration interests in the Guiana Shield in South America and in West Africa. Golden Star has approximately 83 million shares outstanding after the closing of the offering.