Great Basin raises funds for Nevada exploration

Hunter-Dickinson-led Great Basin Gold (GBG-V) has retained the investment firm Haywood Securities to complete a $6-million financing, which will incorporate a previously announced $1-million placement organized by California-based Global Resource Investment.

Private investors and accredited institutions will be offered an aggregate of 4.6 million units priced at $1.30 each. A unit will consist of one share and one warrant entitling the purchase of an additional share at $1.30 for a period of 12 months. The financing is expected to close by July 6, 1999.

A portion of the proceeds will be used to conduct drilling on Great Basin’s Ivanhoe gold project in Nevada’s Carlin trend.