Golden Star Resources Redeems $6.13 Million of 4% Convertible Senior Unsecured Debentures
DENVER, CO -- (Marketwire) -- 09/14/12 -- Golden Star Resources Ltd. (NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR) ("Golden Star (GSS)" or the "Company") today announced that it has redeemed $6.13 million of its 4.00% Convertible Senior Unsecured Debentures due November 30, 2012, (the "Original Debentures") by way of a privately negotiated transaction initiated by a certain holder of Original Debentures. All references to "$" in this press release are to United States dollars.
After purchasing and cancelling the $6.13 million of Original Debentures, an aggregate of $44.37 million principal amount of Original Debentures remains outstanding. As previously disclosed, the Company's current financial plan is to pay the outstanding principal of the remaining Original Debentures plus accrued interest in cash.
Golden Star Resources holds the largest land package in one of the world's largest and most prolific gold producing regions. The Company holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own the Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana, West Africa. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in Brazil in South America. Golden Star has approximately 259 million shares outstanding. Additional information is available at www.gsr.com.
This announcement does not constitute an offer to sell, nor is it a solicitation of an offer to sell, securities.
Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially, including comments regarding the expectation that the Company will redeem the remaining $44.37 million of Original Debentures in cash and other statements that express management's expectations or estimates of future developments, circumstances or results. Actual results may differ materially from those presented. Factors that could cause results to differ materially include fluctuations in gold price, disruptions in U.S. and Canadian securities markets, and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied. Golden Star assumes no obligation to update this information. Please refer to the discussion of risk factors in our Form 10-K for the year ended December 31, 2011.
For further information, please contact: GOLDEN STAR RESOURCES LTD. Bruce Higson-Smith Senior Vice President Finance and Corporate Development 1-800-553-8436 INVESTOR RELATIONS Jay Pfeiffer Pfeiffer High Investor Relations, Inc. 303-393-7044
Source: Golden Star Resources