UNDERWRITING AGREEMENTUnderwriting Agreement • March 5th, 2009 • Great Basin Gold LTD • Metal mining • British Columbia
BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., PI Financial Corp. and Raymond James Ltd. (each an “Underwriter” and collectively the “Underwriters”) hereby severally, in respect of the percentages set forth in Section 8.1 of this Agreement, and not jointly, offer to purchase from Great Basin Gold Ltd. (the “Corporation”), upon and subject to the terms hereof, an aggregate of 100,000,000 units of the Corporation (each a “Unit” and, collectively, the “Units”) at a price of $1.30 per Unit (the “Offering Price”). Each Unit will consist of one Unit Share (as hereinafter defined) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant” and, collectively, the “Warrants”) of the Corporation. Each Warrant and Additional Warrant (defined below) will entitle the holder thereof to purchase one Common Share (a “Warrant Share” and, collectively, the “Warrant Shares”) at a price of $1.60 per Warrant Share at any time prior to 5:00 p.m. (Vancouver
