TORONTO, Oct. 29, 2018 /CNW/ - Golden Star Resources
Ltd. (NYSE American: GSS; TSX: GSC; GSE: GSR) ("Golden Star" or the
"Company") has filed articles of amendment to effect the previously
announced share consolidation (reverse stock split) (the
"Consolidation") of its issued and outstanding common shares (the
"Common Shares") on the basis of one (1) post‐Consolidation Common
Share for every five (5) pre‐Consolidation Common Shares. The
Consolidation was previously approved by the Company's shareholders
at the special meeting of shareholders held on September 17, 2018, with 96.62% of votes cast in
favour. The Common Shares are expected to commence trading on a
post‐Consolidation basis on or about the opening of trading on the
Toronto Stock Exchange and the NYSE American on October 30,
2018.
The Consolidation will reduce the number of Common Shares issued
and outstanding from approximately 544.0 million Common Shares
to approximately 108.8 million Common Shares. No fractional
Common Shares shall be issued in connection with the Consolidation;
in the event that a shareholder would otherwise be entitled to
receive a fractional share upon Consolidation, such fractional
share will be rounded down to the nearest whole number Common Share
at no consideration.
The Company's transfer agent, AST Trust Company (Canada), has sent letters of transmittal dated
October 25, 2018, to the registered holders of Common Shares.
The letters of transmittal contain instructions on how to surrender
Common Share certificate(s) representing pre-Consolidation Common
Shares, as well as share certificates of certain predecessor
entities, to the transfer agent. Shareholders may also obtain a
copy of the letters of transmittal by accessing the Company's SEDAR
profile at www.sedar.com. Until surrendered, each certificate
representing pre-Consolidation Common Shares will be deemed for all
purposes to represent the number of Common Shares to which the
holder thereof is entitled as a result of the Consolidation. If
shareholders hold their Common Shares through an intermediary and
they have questions in this regard, they are encouraged to contact
their intermediaries.
The new CUSIP number for the Company's freely trading Common
Shares is 38119T807 and the new ISIN number is CA38119T8077.
For additional information regarding the Consolidation, please
refer to the Company's Management Information Circular dated
August 14, 2018, which is available
on SEDAR at www.sedar.com.
All monetary amounts refer to United States dollars
unless otherwise indicated.
Company Profile:
Golden Star is an established
gold mining company that owns and operates the Wassa and Prestea
mines in Ghana, West Africa. Listed on the NYSE American, the
Toronto Stock Exchange and the Ghana Stock Exchange, Golden Star is focused on delivering strong
margins and free cash flow from its two high grade, low cost
underground mines. Gold production guidance for 2018 is
225,000-235,000 ounces at a cash operating cost per ounce of
$790-830. As the winner of the PDAC
2018 Environmental and Social Responsibility Award, Golden Star is committed to leaving a positive
and sustainable legacy in its areas of operation.
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 "forward looking
information" within the meaning of Canadian securities laws.
Forward looking statements and information include but are not
limited to, statements and information regarding: the timing for
the commencement of trading of the Common Shares on a
post‐Consolidation basis; and the expectation regarding the number
of Common Shares that will be issued and outstanding
post-Consolidation. Generally, forward-looking information and
statements can be identified by the use of forward-looking
terminology such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates",
"believes" or variations of such words and phrases (including
negative or grammatical variations) or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative
connotation thereof. Investors are cautioned that forward-looking
statements and information are inherently uncertain and involve
risks, assumptions and uncertainties that could cause actual facts
to differ materially. There can be no assurance that future
developments affecting the Company will be those anticipated by
management. Please refer to the discussion of these and other
factors in Management's Discussion and Analysis of financial
conditions and results of operations for the year ended
December 31, 2017. Additional
and/or updated factors is included in our annual information form
for the year ended December 31, 2017
which is filed on SEDAR at www.sedar.com. The forecasts
contained in this press release constitute management's current
estimates, as of the date of this press release, with respect to
the matters covered thereby. We expect that these estimates
will change as new information is received. While we may elect
to update these estimates at any time, we do not undertake any
estimate at any particular time or in response to any particular
event.
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SOURCE Golden Star Resources Ltd.