Document:

EXHIBIT 4.3

 

Exhibit 4.2

Certificate No.

Number of Shares

	 	 	THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE
SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL THAT REGISTRATION IS
NOT REQUIRED UNDER SAID ACT OR IN A TRANSACTION EXEMPT FROM
REGISTRATION.
	 
	 	 	RULES OF THE TORONTO STOCK EXCHANGE PROHIBIT TRANSFER OF THE
WARRANTS OR THE SECURITIES OBTAINABLE ON EXERCISE THEREOF UNTIL THE
EARLIER OF FOUR MONTHS FROM THE DATE ON WHICH THESE SECURITIES WERE
ISSUED OR THE DATE ON WHICH A REGISTRATION STATEMENT WITH RESPECT TO THE
RESALE OF SUCH SECURITIES IS DECLARED EFFECTIVE BY THE U.S. SECURITIES
AND EXCHANGE COMMISSION.

GOLDEN STAR RESOURCES LTD.

WARRANT TO PURCHASE COMMON SHARES

         This certifies that, for good and valuable consideration, Golden Star
Resources Ltd., a corporation subsisting under the Canada Business Corporations
Act (the “Company”), grants to          (the “Warrantholder”), the
right to subscribe for and purchase from the Company          validly issued,
fully paid and nonassessable Common Shares (the “Warrant Shares”) of the
Company’s common shares (the “Common Shares”), at the purchase price per Common
Share of U.S.$0.70 (the “Exercise Price”), at any time and from time to time,
prior to 5:00 PM Eastern Time January 2, 2004 (the “Expiration Date”), all
subject to the terms, conditions and adjustments herein set forth. After the
Expiration Date, this Warrant shall be null and void. The number and kind of
securities for which this Warrant is exercisable and the Exercise Price are
subject to adjustment in certain circumstances as provided in Section 5. At
any time after any such adjustment, the term Warrant Shares shall mean the
securities for which this Warrant is exercisable and the term Exercise Price
shall mean the Exercise Price as so adjusted.

1

 

Duration and Exercise of Warrant; Limitation on Exercise; Payment of Taxes.

                  1.1
Duration and Exercise of Warrant. Subject to the terms and conditions
set forth herein, this Warrant may be exercised, in whole or in part, by the
Warrantholder by:

                           (a) the surrender of this Warrant certificate to the Company, with a duly
executed Exercise Form specifying the number of Warrant Shares subject to such
exercise, during normal business hours on any Business Day prior to the
Expiration Date; and

                           (b) unless a Net Exercise Election is made as provided in Section 1.1(c),
the delivery of payment to the Company, for the account of the Company, by cash
or by certified or bank cashier’s check, of the Exercise Price for the number
of Warrant Shares specified in the Exercise Form in lawful money of the United
States of America. The Company agrees that such Warrant Shares shall be deemed
to be issued to the Warrantholder as the record holder of such Warrant Shares
as of the close of business on the date on which this Warrant shall have been
surrendered and payment made for the Warrant Shares as aforesaid.

                           (c) If, at the time of any exercise of this Warrant, the Common Shares are
traded on a securities exchange or other securities market providing regular
trading information and/or quotations for the Common Shares, then, in lieu of
paying the Exercise Price with respect to any exercise of this Warrant, the
Warrantholder may make a Net Exercise Election by so notifying the Company in
writing upon surrender of this Warrant certificate as provided in Section
1.1(a). In that event, the Company shall issue to the Warrantholder the
number of Warrant Shares or other securities equal to the securities to which
such exercise applies reduced by a number of such securities having a Fair
Market Value on the date of exercise equal to the Exercise Price with respect
to such exercise and shall not be entitled to receive the Exercise Price.

                  1.2
Warrant Shares Certificate. A certificate or certificates
representing the Warrant Shares specified in the Exercise Form shall be
delivered to the Warrantholder within three Business Days after receipt
(including facsimile receipt) of the Exercise Form and actual receipt of this
Warrant certificate and payment of the Exercise Price. If this Warrant shall
have been exercised only in part, the Company shall, at the time of delivery of
the certificate or certificates representing the Warrant Shares, deliver to the
Warrantholder a new Warrant evidencing the right to purchase the remaining
Warrant Shares, which new Warrant shall in all other respects be identical to
this Warrant.

                  1.3
Payment of Taxes. The issuance of certificates for Warrant Shares
shall be made without charge to the Warrantholder for any stock transfer or
other issuance tax in respect thereto levied by the United States or Canada or
any political subdivision of either thereof; provided, however, that the
Warrantholder shall be required to pay any and all taxes which may be payable
in respect of any transfer involved in the issuance and delivery of any
certificate in a name other than that of the then Warrantholder as reflected
upon the books of the Company. Any issuance of Warrant Shares or a Warrant
Certificate to a person other than the Warrantholder shall be subject to any
applicable transfer restrictions imposed by applicable law and/or this Warrant
certificate.

 

 

                  1.4
Divisibility of Warrant; Transfer of
Warrant.

                           (a) Subject to the provisions of Section 1.4(b), this Warrant certificate
may be exchanged for two or more Warrant certificates that, together, represent
the right to purchase the number of Warrant Shares for which this Warrant is
then upon surrender of this Warrant certificate at the principal office of the
Company, without charge to any Warrantholder. Upon such division, and subject
to the provisions of Section 1.4(b), the Warrants may be transferred of record
as the then Warrantholder may specify without charge to the Warrantholder
(other than any applicable transfer taxes). In addition, the Warrantholder
shall also have the right to transfer this Warrant in its entirety to any
person or entity.

                           (b) THIS WARRANT IS A “RESTRICTED SECURITY” AS DEFINED IN RULE 144 UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”) AND MAY NOT BE
OFFERED OR SOLD IN ANY TRANSACTION TO WHICH UNITED STATES SECURITIES LAWS APPLY
EXCEPT PURSUANT TO REGISTRATION UNDER THE ACT OR AN APPLICABLE EXEMPTION FROM
THE REQUIREMENT FOR REGISTRATION. THE COMPANY SHALL NOT BE REQUIRED TO ISSUE
WARRANT CERTIFICATES REFLECTING ANY TRANSFER OF THIS WARRANT OR THE ISSUANCE OF
ANY WARRANT SHARES TO A PERSON OTHER THAN THE WARRANTHOLDER (OR OTHERWISE TO
RECOGNIZE ANY SUCH TRANSFER) UNLESS THE WARRANTHOLDER HAS PROVIDED TO THE
COMPANY AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE
EFFECT THAT SUCH ISSUANCE OR TRANSFER CAN BE MADE WITHOUT VIOLATION OF THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

THE WARRANTS REPRESENTED BY THIS WARRANT CERTIFICATE SHALL NOT BE TRANSFERRED
UNTIL THE EARLIER OF (A) MAY 2, 2002 AND THE DATE ON WHICH A REGISTRATION
STATEMENT RELATING TO THE WARRANT SHARES IS DECLARED EFFECTIVE.

                           (c) Subject to the provisions of Sections 1.3 and 1.4(b), upon surrender
of this Warrant certificate to the Company with a duly executed Assignment Form
and funds sufficient to pay any transfer tax, the Company shall, without
charge, execute and deliver a new Warrant or Warrants of like tenor in the name
of the assignee named in such Assignment Form, and this Warrant shall promptly
be canceled. The term “Warrant” as used in this Agreement shall be deemed to
include any Warrants issued in substitution or exchange for this Warrant.

         2.     Issuance and Reservation of Shares; Approval
Process.

                  2.1 The Company covenants and agrees as follows:

                           (a) all Warrant Shares issued upon the due exercise of this Warrant will,
upon issuance, be validly issued, fully paid, and nonassessable, not subject to
any preemptive rights, and free from all transfer taxes, liens, security
interests, charges, and other encumbrances (other than encumbrances resulting
from the status of or any action by the Warrantholder) with respect to the
issue thereof, other than taxes with respect to any transfer occurring
contemporaneously with such issue; and

 

 

                           (b) during the period within which this Warrant may be exercised, the
Company will at all times have authorized and reserved, and keep available free
from preemptive rights, a sufficient number of Common Shares to provide for the
exercise of this Warrant.

                  2.2 The Company represents, warrants and covenants that the Toronto Stock
Exchange (“TSE”) has approved the issuance of the Warrants, and that upon
exercise of the Warrants, the TSE (if the Common Shares are then listed on the
TSE) will have approved the listing of the Warrant Shares issuable upon such
exercise. The Company covenants and agrees to fulfill all applicable
requirements of the TSE, or, if not the TSE, the principal exchange or trading
market on which the Common Shares are so as to cause the Warrant Shares to be
listed thereon.

         3.     Loss
or Destruction of Warrant.

         Subject to the terms and conditions hereof, upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, of
such bond or indemnification as the Company may reasonably require, and, in the
case of such mutilation, upon surrender and cancellation of this Warrant, the
Company promptly (but not later than in two Business Days) will execute and
deliver a new Warrant of like tenor.

         4.     Ownership
of Warrant.

         The Company may deem and treat the person in whose name this Warrant is
registered as the holder and owner hereof (notwithstanding any notations of
ownership or writing hereon made by anyone other than the Company) for all
purposes and shall not be affected by any notice to the contrary, until
presentation of this Warrant for registration of transfer.

         5.     Certain
Adjustments.

                  5.1 The number and kind of Warrant Shares purchasable upon the exercise of
this Warrant and the Exercise Price shall be subject to adjustment from time to
time as follows:

                           (a) Stock
Dividends. If at any time after the date of the issuance of
this Warrant the Company shall fix a record date for the issuance of any stock
dividend or distribution payable to the holders of Common Shares in Common
Shares or securities or rights convertible or exchangeable into Common Shares
then, on the record date fixed for the determination of holders of Common
Shares entitled to receive such dividend or distribution (or on the dividend
distribution date if no record date is set) or immediately after the effective
date of subdivision or split-up, as the case may be, the number of shares to be
delivered upon exercise of this Warrant will be increased so that the
Warrantholder will be entitled to receive the number of Common Shares that such
Warrantholder would have owned (or been entitled to receive in the case of
convertible or exchangeable securities) immediately following such action had
this Warrant been exercised immediately prior to such record date, and the
Exercise Price will be adjusted as provided below in Section 5.1(g).

                           (b) Combination
of Stock. If the number of Common Shares outstanding at
any time after the date of the issuance of this Warrant shall have been
increased

 

 

or decreased by a combination, subdivision or split-up of the
outstanding Common Shares, then, immediately after the effective date of such
combination, the number of Common Shares to be delivered upon exercise of this
Warrant will be increased or decreased as required so that the Warrantholder
thereafter will be entitled to receive the number of Common Shares that such
Warrantholder would have owned immediately following such action had this
Warrant been exercised immediately prior thereto, and the Exercise Price will
be adjusted as provided below in paragraph (g).

                           (c) Reorganization,
etc. If any capital reorganization of the Company,
any reclassification of the Common Shares, any consolidation of the Company
with or merger or amalgamation of the Company with or into any other person, or
any sale or lease or other transfer of all or substantially all of the assets
of the Company to any other person, shall be effected in such a way that the
holders of Common Shares shall be entitled to receive stock, other securities
or assets (whether such stock, other securities or assets are issued or
distributed by the Company or another person) with respect to or in exchange
for Common Shares, then, upon exercise of this Warrant, the Warrantholder shall
have the right to receive the kind and amount of stock, other securities or
assets receivable upon such reorganization, reclassification, consolidation,
merger, amalgamation, sale, lease or other transfer by a holder of the number
of Common Shares that such Warrantholder would have been entitled to receive
upon exercise of this Warrant had this Warrant been exercised immediately prior
to the effective date of such reorganization, reclassification, consolidation,
merger or sale, lease or other transfer.

                           (d) Distributions
to All Holders of Common Shares. If the Company shall,
at any time after the date of issuance of this Warrant, fix a record date to
distribute (or distribute without a record date) to all holders of its Common
Shares, any shares of capital stock of the Company (other than Common Shares or
securities or rights convertible or exchangeable into Common Shares) or
evidences of its indebtedness or assets or rights or warrants to subscribe for
or purchase any of its securities or securities issued in connection with a
spin-off, then the Warrantholder shall be entitled to receive, upon exercise of
the Warrant, on a pro rata basis, that portion of such distribution to which it
would have been entitled had the Warrantholder exercised its Warrant
immediately prior to the record date for such distribution. At the time it
fixes the record date for such distribution (or prior to any distribution if no
record date is fixed), the Company shall allocate sufficient reserves to ensure
the timely and full performance of the provisions of this Section 5.1(d). The
Company shall promptly (but in any case no later than five Business Days prior
to the record date of such distribution) mail by first class, postage prepaid,
to the Warrantholder, notice that such distribution will take place.

                           (e) Fractional
Shares. No fractional Common Shares or scrip shall be
issued to any Warrantholder in connection with the exercise of this Warrant.
Instead of any fractional Common Shares that would otherwise be issuable to
such Warrantholder, the Company will pay to such Warrantholder a cash
adjustment in respect of such fractional interest in an amount equal to that
fractional interest of the then current Fair Market Value of Common Shares.

                           (f) Exercise
Price Adjustment. Whenever the number of Warrant Shares
purchasable upon the exercise of this Warrant is adjusted pursuant to Sections
5.1(a) and (b), the Exercise Price payable upon the exercise of this Warrant
shall be adjusted by multiplying such Exercise Price immediately prior to such
adjustment by a fraction, of which

 

 

the numerator shall be the number of Warrant
Shares purchasable upon the exercise of the Warrant immediately prior to such
adjustment, and of which
the denominator shall be the number of Warrant Shares
purchasable immediately thereafter. In the case of any adjustment that results
in the Warrant Shares consisting of securities other than, or in addition to,
Common Shares, this provision shall be effected so that the aggregate Exercise
Price for all of the securities or other assets for which this Warrant is
exercisable is divided pro rata among such securities and/or other assets.

                           (g) Application of Adjustment Provisions to Warrant Shares Other than
Common Shares. If, at any time, as a result of the application of this Section
5.1, the Warrant Shares shall include securities or other assets other than
Common Shares, then any further adjustment pursuant to this Section 5.1 shall
be applied, as nearly as may be, to any such
other securities or assets so as to prevent any dilution or increase in the
rights represented by this Warrant.

                  5.2
Rights Offering. In the event the Company shall effect an offering of
Common Shares pro rata among its stockholders, the Warrantholder shall be
entitled to participate in each and every such offering as if this Warrant had
been exercised immediately prior to each such offering. The Company shall,
concurrently with the mailing to its stockholders, mail by first class, postage
prepaid, to the Warrantholder, notice that such rights offering will take place
together with all documents and information relating to the terms of the
offering. The Company shall not be required to make any adjustment with
respect to the issuance of Common Shares pursuant to a rights offering in
which the holder hereof has been entitled to elect to participate under the
provisions of this Section 5.2.

                  5.3
Notice of Adjustments. Whenever the number of Warrant Shares or the
Exercise Price of such Warrant Shares is to be adjusted, as herein provided,
the Company shall, at least 10 Business Days prior to such adjustment, mail by
first class, postage prepaid, to the Warrantholder, notice of such adjustment
or adjustments and a certificate of the Company setting forth the number of
Warrant Shares and the Exercise Price of such Warrant Shares after such
adjustment, a detailed statement of the facts requiring such adjustment, and
the computation by which such adjustment was made.

                  5.4
Notice of Extraordinary Corporate Events.

In case the Company after the date hereof shall propose to (i) distribute
any dividend (whether stock or cash or otherwise) to the holders of Common
Shares or to make any other distribution to the holders of Common Shares, (ii)
offer to the holders of Common Shares rights to subscribe for or purchase any
additional shares of any class of stock or any other rights or options, or
(iii) effect any reclassification of the Common Shares (other than a
reclassification involving merely the subdivision or combination of outstanding
Common Shares), any capital reorganization, any amalgamation, arrangement or
merger, any sale, transfer or other disposition of all or substantially all of
its property, assets and business, or the liquidation, dissolution or winding
up of the Company, then, in each such case, the Company shall mail to each
Warrantholder notice of such proposed action, which notice shall specify the
date on which (a) the books of the Company shall close, or (b) a record shall
be taken for determining the holders of Common Shares entitled to receive such
stock dividends or other distribution or such rights or options, or (c) such
reclassification, reorganization, amalgamation, arrangement, merger, sale,
transfer, other disposition, liquidation, dissolution or winding up shall take
place

 

 

or commence, as the case may be, and the date, if any, as of which it is
expected that holders of record of Common Shares shall be entitled to receive
securities or other property deliverable upon such action. Such notice shall
be mailed in the case of any action covered by clause (i) or (ii) above at
least ten days prior to the record date for determining holders of Common
Shares for purposes of receiving such payment or offer, or in the case of any
action covered by clause (iii) above at least 30 days prior to the date upon
which such action takes place and at least 20 days prior to any record date to
determine holders of Common Shares entitled to receive such securities or other
property.

                  5.5
Effect of Failure to Notify. Failure to file any certificate or
notice or to mail any notice, or any defect in any certificate or notice,
pursuant to Sections 5.3 and 5.4 shall not affect the necessity of the
adjustment to the Exercise Price, the calculation of the number of shares
purchasable upon exercise of this Warrant, or the legality or validity of any
transaction
giving rise thereto, without prejudicing the Warrantholder’s rights to seek
damages for such failure.

                  5.6
Other Dilutive Events. If any event occurs as to which the provisions
of this Section 5 are not strictly applicable or, if strictly applicable, would
not fairly and adequately protect to the rights of the Company or the
Warrantholder in accordance with the essential intent and principles of such
provisions, then the Board of Directors shall make such adjustments in the
application of such provisions, in accordance with such essential intent and
principles, as shall be reasonably necessary to protect such rights.

         6.     Amendments. Any provision of this Warrant may be amended and the
observance thereof may be waived (either generally or in a particular instance
and either retroactively or prospectively), only with the written consent of
the Company and the Warrantholder. Any amendment or waiver effected in
accordance with this Section 6 shall be binding upon such Warrantholder and the
Company. A failure on any particular occasion of the Company or the
Warrantholder to exercise any right under this Warrant Certificate shall not be
deemed to constitute a waiver of any other right or of that right on any other
occasion.

         7.     Definitions.

         As used herein, unless the context otherwise requires, the following terms
have the following respective meanings:

         Assignment
Form: an Assignment Form in the form annexed hereto as Exhibit
B.

         Business
Day: any day other than a Saturday, Sunday or a day on which
national banks are authorized by law to close in the City of New York, State of
New York.

         Common
Shares: the meaning specified on the cover of this Warrant.

         Company: the meaning specified on the cover of this Warrant.

         Exercise
Form: an Exercise Form in the form annexed hereto as
Exhibit A.

         Exercise
Price: the meaning specified on the cover of this Warrant.

 

 

         Expiration
Date: the meaning specified on the cover of this Warrant.

         Fair
Market Value: Fair Market Value of a Common Share (including any
Warrant Share) as of a particular date (the “Determination Date”) shall mean:

         (i)  If the Common Shares are listed or admitted for trading on any U.S.
national securities exchange or the TSE, then the Fair Market Value shall be
the average of the closing prices of the Common Shares on the principal U.S.
national securities exchange on which the Common Shares are listed or admitted
for trading (or, if the Common Shares are not so listed or admitted for
trading, the TSE) on the last ten Trading Days prior to the Determination Date.
For the purposes of this definition, the NASDAQ National Market shall be
included within the definition of a National Securities Exchange, whether or
not its application therefor has been granted. If the Fair Market Value, so
calculated is expressed in Canadian dollars, it shall be convertible to U.S.
dollars based on the late New York price as quoted in the Wall Street Journal
or, if no such price is available, on the basis of a published exchange rate
selected by the Board of Directors in good faith.

         (ii)  If the Common Shares are not so listed or admitted for trading, then
the Fair Market Value shall be the average of the closing prices (or if no
closing prices are available, the average of the high closing bid and low
closing asked prices) of the Common Shares on the principal market or quotation
system on which the Common Shares are traded.

         (iii)  if the Common Shares do not trade and are not quoted on such
exchange, market or quotation system on at least nine of the last ten Trading
Days, then the Fair Market Value shall be the determined by reference to the
last five Trading Days on which the Common Shares are traded or quoted.

         Trading
Day: a day on which the principal exchange, market or quotation
system on which the Common Shares trade or are quoted is open for the trading
of securities.

         Warrantholder: the meaning specified on the cover of this Warrant.

         Warrant
Shares: the meaning specified on the cover of this Warrant.

         8.     Miscellaneous.

                  8.1
Entire Agreement. This Warrant constitutes the entire agreement
between the Company and the Warrantholder with respect to the Warrants.

                  8.2
Binding Effects; Benefits. This Warrant shall inure to the benefit of
and shall be binding upon the Company and the Warrantholder and their
respective heirs, legal representatives, successors and assigns. Nothing in
this Warrant, expressed or implied, is intended to or shall confer on any
person other than the Company and the Warrantholder, or their respective heirs,
legal representatives, successors or assigns, any rights, remedies, obligations
or liabilities under or by reason of this Warrant.

                  8.3
Section and Other Headings. The section and other headings contained
in this Warrant are for reference purposes only and shall not be deemed to be a
part of this Warrant or to affect the meaning or interpretation of this
Warrant.

 

 

                  8.4
Pronouns. All pronouns and any variations thereof refer to the
masculine, feminine or neuter, singular or plural, as the context may require.

                  8.5
Notices. All notices and other communications required or permitted
to be given under this Warrant shall be in writing and shall be deemed to have
been duly given if delivered personally or sent by facsimile (with a copy also
sent by regular mail or overnight courier) or by recognized overnight courier
or by United States certified mail, postage prepaid, return receipt requested,
to the parties hereto at the following addresses or to such other address as
any party hereto shall hereafter specify by notice to the other party hereto:

	 	 	 
	(a)	 	
if to the Company, addressed to:
	
	
	
	

	 	 	
Golden Star Resources Ltd.

10579 Bradford Road, Suite 103

Littleton, Colorado 80127-4247

Facsimile: (303) 830-9094

Attention: Corporate Secretary

	
	
	
	

	(b)	 	
if to the Warrantholder, addressed to
the Warrantholder at the addresses set forth on the
cover page of this Warrant.

Except as otherwise provided herein, all such notices and communications shall
be deemed to have been received on the date of delivery thereof, if delivered
personally, or on the third Business Day after the mailing thereof.

                  8.6
Separability. Any term or provision of this Warrant which is invalid
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the terms and provisions of this Warrant or
affecting the validity or enforceability of any of the terms or provisions of
this Warrant in any other jurisdiction.

                  8.7
Governing Law. This Warrant shall be deemed to be a contract made
under the laws of New York and for all purposes shall be governed by and
construed in accordance with the laws of such State applicable to such
agreements made and to be performed entirely within such State.

                  8.8
No Rights or Liabilities as Stockholder. Nothing contained in this
Warrant shall be determined as conferring upon the Warrantholder any rights as
a stockholder of the Company or as imposing any liabilities on the
Warrantholder to purchase any securities whether such liabilities are asserted
by the Company or by creditors or stockholders of the Company or otherwise.

                  8.9
Submission to Jurisdiction.

                           Any claim under this Warrant shall be brought and adjudicated in the
federal court for the district in which Denver, Colorado is located and the
Warrantholder, by accepting this Warrant, submits to the jurisdiction of such
court and, to the extent that it may lawfully do so, waives any and all rights
to object to jurisdiction of or venue in such court based on contacts,
convenience or any other reason.

 

 

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer.

	 	 	 	 	 
		 	 	 	GOLDEN STAR RESOURCES LTD.
	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:    Peter J. Bradford

Title:    President

Dated: January 2, 2002

 

 

Exhibit A

EXERCISE FORM

TO: GOLDEN STAR RESOURCES LTD.

(a)  The undersigned hereby exercises the right to acquire 
                
            
Common Shares of Golden Star Resources Ltd. as constituted on
            
        , 2001
(or such number of other securities or property to which such Warrants entitle
the undersigned in lieu thereof or in addition thereto in accordance with and
subject to the provisions of the Warrant Certificate).

(b)  The Common Shares (or other securities or property) are to be issued as
follows:

	 	 	 
	Name:	 	 
	 	 	

	 	 	(print clearly)
	Address in full:	 	

	 	 	

	Social Security Number:	 	 
	 	 	

	Number of Common Shares:	 	 
	 	 	

         Note: If further nominees intended, please attach (and initial) schedule
giving these particulars.

         Such securities (please check one):

(a)                                
should be sent by first class mail to the following address:

         
             
         
         
         
         

         
             
         
         
         
         

OR

(b)          
             
           
should be held for pick up at the registered office of the
Corporation in Littleton, Colorado.

         If the number of Warrants exercised are less than the number of Warrants
represented hereby, the undersigned requests that the new Warrant Certificate
representing the balance of the Warrants be registered in the name of
             
              
             
              
        

 

 

         
whose address is 
           
             
              
             
             
              
             
              
             
              
             
              
             

         Such securities (please check one):

(a)           
             
          
should be sent by first class mail to the following address:

         
             
         
         
         
         

         
             
         
         
         
         

OR

(b)        
           
             
  
should be held for pick up at the registered office of the
Corporation in Littleton, Colorado.

         In the absence of instructions to the contrary, the securities or other
property will be issued in the name of or to the holder hereof and will be sent
by first class mail to the last address of the holder appearing on the register
maintained for the Warrants.

         
         
DATED this           
       day of
           
         
        ,
                 .

	 	 	 
	
	 	

	Signature Guaranteed	 	
(Signature of Warrantholder)
	
	
	
	

	 	 	
 
	 	 	

	 	 	
Print full name
	
	
	
	

	 	 	
 
	 	 	

	 	 	
Print full address
	
	
	
	

	 	 	
 
	 	 	

Instructions:

	1.	 	The registered holder may exercise its right to receive Common Shares by
completing this form and surrendering this form and the Warrant
Certificate representing the Warrants being exercised to the Corporation
at its principal offices in Littleton, Colorado. Certificates for Common
Shares will be delivered or mailed within five business days after the
exercise of the Warrants.
	 
	2.	 	The signature on the Transfer Form must be guaranteed by a Schedule “A”
major chartered bank/trust company, or a member of an acceptable Medallion

 

 

	 	 	Guarantee Program. The guarantor must affix a stamp bearing the words
“SIGNATURE GUARANTEED”.
	 
	 	 	*PLEASE NOTE - Signature guarantees are not accepted from Treasury
Branches or Credit Unions unless they are members of the Stamp Medallion
Program.
	 
	 	 	**PLEASE NOTE - In the U.S.A. signature guarantees must be done by
members of the Medallion Signature Guarantee Program only.
	 
	3.	 	If the Exercise Form is signed by a trustee, executor, administrator,
curator, guardian, attorney, officer of a corporation or any person acting
in a fiduciary or representative capacity, the certificate must be
accompanied by evidence of authority to sign satisfactory to the
Corporation.
	 
	4.	 	If the registered holder exercises its right to receive Common Shares
prior to the effective date of the registration statement the Common
Shares will be subject to hold periods and will be issued with a legend
reflecting such hold periods.

 

 

Exhibit B

TRANSFER OF WARRANTS

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to
            
      
            
            
    
           
      
            
           ,  
                
            
 Warrants of
Golden Star Resources Ltd. registered in the name of the undersigned on the
records of Golden Star Resources Ltd. represented by the Warrant Certificate
attached and irrevocably appoints
            
      
            
            
    
            
           
the
attorney of the undersigned to transfer the said securities on the books or
register with full power of substitution.

If less than all the Warrants represented by this Warrant Certificate are being
transferred, the Warrant Certificate representing those Warrants not
transferred will be registered in the name appearing on the face of this
Warrant Certificate and such certificates (please check one):

(a)           
             
          
should be sent by first class mail to the following address:

         
             
         
         
         
         

         
             
         
         
         
         

(b)             
             
          
 should be held for pick up at the principal offices of the
Corporation at Littleton, Colorado.

         DATED the           
       day of
           
         
        ,
                 .

	 	 	 
	 	 	

	Signature Guaranteed	 	
(Signature of Warrantholder)

Instructions:

	1.	 	Signature of the Warrantholder must be the signature of the person
appearing on the face of this Warrant Certificate.
	 
	2.	 	If the Transfer Form is signed by a trustee, executor, administrator,
curator, guardian, attorney, officer of a corporation or any person acting
in a fiduciary or representative capacity, the certificate must be
accompanied by evidence of authority to sign satisfactory to the
Corporation.

14

 

	3.	 	The signature on the Transfer Form must be guaranteed by a Schedule “A”
major chartered bank/trust company, or a member of an acceptable Medallion
Guarantee Program. The guarantor must affix a stamp bearing the words
“SIGNATURE GUARANTEED”.
	 
	 	 	*PLEASE NOTE - Signature guarantees are not accepted from Treasury
Branches or Credit Unions unless they are members of the Stamp Medallion
Program.
	 
	 	 	**PLEASE NOTE - In the U.S.A. signature guarantees must be done by
members of the Medallion Signature Guarantee Program only.
	 
	4.	 	Warrants shall only be transferable in accordance with applicable laws.
	 
	5.	 	The securities represented hereby have not been registered under United
States federal or state securities laws and may not be offered for sale,
sold or otherwise transferred or assigned for value, directly or
indirectly, nor may the securities be transferred on the books of the
Corporation, without registration of such securities under all applicable
United States federal or state securities laws or compliance with an
applicable exemption therefrom, such compliance, at the option of the
Corporation, to be evidenced by an opinion of Warrantholder’s counsel, in
form acceptable to the Corporation, that no violation of such registration
provisions would result from any proposed transfer or assignment.

15EXHIBIT 4.3

 

Exhibit 4.3

REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT, dated as of January 2, 2002 (this
“Agreement”), is made by and between GOLDEN STAR RESOURCES LTD., a Canadian
corporation (the “Company”), and the party listed on the signature page of this
Agreement or any transferee of securities subject to this Agreement as provided
in Section 8 (the “Investor”).

         In connection with the Purchase Agreement dated as January 2, 2002,
between the Investor and the Company (the “Purchase Agreement”), the Company
has agreed, upon the terms and subject to the conditions of the Purchase
Agreement, to issue and sell to the Investor Units, each Unit consisting of one
Common Share and one half of one Warrant. Capitalized terms used herein and
not otherwise defined have the meanings ascribed to them in the Purchase
Agreement. To induce the Investor to execute and deliver the Purchase
Agreement, the Company has agreed to provide certain registration rights under
the Securities Act of 1933, as amended, and the rules and regulations
thereunder (collectively, the “Securities Act”), and applicable state
securities laws with respect to the Unit Shares and the Warrant Shares; the
Company has further agreed to provide such registration rights to the holders
of Common Shares (“Agent Shares”) obtainable on exercise of certain warrants to
be issued to certain agents and finders with respect to the offer and sale of
the Units.

         NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Investor
hereby agree as follows:

	1.	 	Mandatory Registration for Resale.

         (a)  The Company shall prepare and shall use its reasonable best efforts to
file with the Securities and Exchange Commission (“SEC”), not later than 30
calendar days after the Closing Date, a Registration Statement on Form S-3 (or,
if Form S-3 is not then available, on such form of Registration Statement as is
then available to effect the registration for resale of the Unit Shares, the
Warrant Shares and the Agent Shares (collectively the “Registrable
Securities”)), which covers the resale of the Registrable Securities by the
holders thereof .

         (b)  The Company meets the requirements for the use of Form S-3 for
registration of the Registrable Securities for resale by the Investor. The
Company believes that it may register all of the Registrable Securities under
the Securities Act on Form S-3. The Company shall file all reports required to
be filed by the Company with the SEC in a timely manner so as to maintain such
eligibility for the use of Form S-3.

2.     Obligations of the Company. In connection with the registration of the
Registrable Securities, the Company shall:

 

 

         (a)  use its reasonable best efforts to cause the Registration Statement
required to be filed pursuant to Section 1(a) hereof to become effective as
soon as practicable and to keep the Registration Statement effective pursuant
to Rule 415 and available for use at all times during the period commencing
upon such effectiveness and ending on the second anniversary of the Closing
Date (the “Registration Period”). The Company represents and warrants to, and
covenants and agrees with, the Investor that the Registration Statement
(including any amendments or supplements thereto and prospectuses contained
therein), at the time it is first filed with the SEC, at the time it is ordered
effective by the SEC and at all times during which it is required to be
effective hereunder (and each such amendment and supplement at the time it is
filed with the SEC and at all times during which it is available for use in
connection with the offer and sale of the Registrable Securities) shall not
contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein, or necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading;

         (b)  prepare and file with the SEC such amendments (including
post-effective amendments) and supplements to the Registration Statement and
the prospectus used in connection with the Registration Statement as may be
necessary to keep such Registration Statement effective and available for use
at all times during the Registration Period;

         (c)  furnish to the Investor (i) promptly after the same is prepared and
publicly distributed, filed with the SEC or received by the Company, one copy
of the Registration Statement and any amendment thereto, each preliminary
prospectus and prospectus and each amendment or supplement thereto, each letter
written by or on behalf of the Company to the SEC or the staff of the SEC and
each item of written correspondence from the SEC or the staff of the SEC
relating to such Registration Statement (other than any portion of any thereof
that contains information for which the Company has sought confidential
treatment) and (ii) such number of copies of a prospectus, including a
preliminary prospectus, and all amendments and supplements thereto and such
other documents, as such Investor may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by such Investor;

         (d)  use reasonable efforts to (i) register and qualify the Registrable
Securities covered by the Registration Statement under such securities or blue
sky laws of such jurisdictions as any Investor reasonably requests, (ii)
prepare and file in those jurisdictions such amendments (including
post-effective amendments) and supplements to such registrations and
qualifications as may be necessary to maintain the effectiveness thereof at all
times during the Registration Period, (iii) take such other actions as may be
necessary to maintain such registrations and qualifications in effect at all
times during the Registration Period and (iv) take all other actions reasonably
necessary or advisable to qualify the Registrable Securities for sale in such
jurisdictions; provided, however, that the Company shall not be required in
connection therewith or as a condition thereto (I) to qualify to do business in
any jurisdiction where it would not otherwise be required to

 

 

qualify but for this Section 2(d), (II) to subject itself to general taxation
in any such jurisdiction, (III) to file a general consent to service of process
in any such jurisdiction, (IV) to provide any undertakings that cause more than
nominal expense or burden to the Company or (V) to make any change in its
articles of incorporation or by-laws, which in each case the Board of Directors
of the Company determines to be contrary to the best interests of the Company
and its shareholders;

         (e)  except as provided in this Section 2(e) as promptly as practicable
after becoming aware of such event or circumstance, notify the Investor (by
telephone and by facsimile) of any event or circumstance of which the Company
has knowledge, as a result of which the prospectus included in the Registration
Statement, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they
were made, not misleading, and use its best efforts promptly (but not later
than five (5) days thereafter) to prepare a supplement or amendment to the
Registration Statement to correct such untrue statement or omission, file such
supplement or amendment with the SEC at such time as shall permit the Investor
to sell Registrable Securities as promptly as practicable, and deliver a number
of copies of such supplement or amendment to the Investor as such Investor may
reasonably request. If, the Board of Directors (i) is advised by counsel that
public disclosure of any such event would not be required under applicable
securities laws but for the requirement to include such disclosure in the
Registration Statement and (ii) concludes in good faith that such disclosure is
contrary to the best interest of the Company, it shall inform the Investor of
such conclusion (without disclosing the specific nature of the event.) In any
such case, as soon as the above described conditions shall no longer apply, the
Company shall so inform the Investor and shall promptly file such amendments or
supplements to the Registration Statement or make such other filings with the
SEC as may be required to cause the misstatement or omission to be corrected.
Nothing in this Section 2(e) shall be construed to require the Company to make
any disclosure that would require concurrent or prompt public disclosure under
Regulation FD if the Board of Directors concludes in good faith that such
disclosure is not otherwise required by law and would not be in the best
interest of the Company .

         (f)  as promptly as practicable after becoming aware of such event, notify
the Investor of the issuance by the SEC of any stop order or other suspension
of effectiveness of the Registration Statement at the earliest possible time,
and the Company shall use its best efforts to prevent the issuance of any such
stop order or other suspension;

         (g)  provide the Investor a copy of the Registration Statement and all
amendments and supplements thereto at least five (5) business days prior to the
filing thereof with the SEC, provided, that any failure or delay by the
Investor in submitting comments to the Company during such period shall not
require the Company to delay its filing of the Registration Statement or any
such amendments or supplements; and the Company shall provide all
correspondence of the Company to and from the SEC staff regarding the
Registration Statement to the Investor upon written request of the Investor;

 

 

         (h)  make available for inspection by the Investor and its counsel or other
agents retained by the Investor (collectively, the “Inspectors”), all pertinent
financial and other records, pertinent corporate documents and properties of
the Company (collectively, the “Records”), as shall be reasonably necessary to
enable the Investor to exercise its due diligence responsibility, and cause the
Company’s officers, directors and employees to supply all information that any
Inspector reasonably may request for purposes of such due diligence; provided,
however, that each Inspector shall hold in confidence and shall not make any
disclosure (except to the Investor) of any Record or other information which
the Company determines in good faith to be confidential, and of which
determination the Inspectors are so notified, unless (i) the disclosure of such
Records is necessary to avoid or correct a misstatement or omission in any
Registration Statement, (ii) the release of such Records is ordered pursuant to
a subpoena or other order from a court or government body of competent
jurisdiction or (iii) the information in such Records has been made generally
available to the public other than by disclosure in violation of this or any
other agreement. The Company shall not be required to disclose any
confidential information in such Records to any Inspector until and unless such
Inspector shall have entered into confidentiality agreements (in form and
substance satisfactory to the Company) with the Company with respect thereto,
substantially in the form of this Section 2(h). The Investor agrees that it
shall, upon learning that disclosure of such Records is sought in or by a court
or governmental body of competent jurisdiction or through other means, give
prompt notice to the Company and allow the Company, at the Company’s own
expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, the Records deemed confidential;

         (i)  use its best efforts to cause all the Registrable Securities covered
by the Registration Statement to be listed on the TSE or such other principal
securities market on which securities of the same class or series issued by the
Company are then listed or traded;

         (j)  hold in confidence and not make any disclosure of any information
provided by the Investor to the Company and designated by the Investor as its
confidential information, unless (i) the disclosure of such information is
necessary to avoid or correct a misstatement or omission in any Registration
Statement, (ii) the release of such information is ordered pursuant to a
subpoena or other order from a court or government body of competent
jurisdiction or (iii) the information has been made generally available to the
public other than by disclosure in violation of this agreement;

         (k)  take all other actions necessary to comply with federal and any
applicable state securities laws in connection with the obligations of the
Company under this Agreement; and

         (l) take all other reasonable actions necessary to expedite and facilitate
disposition by the Investors of the Registrable Securities pursuant to the
Registration Statement.

 

 

3.     Obligations of the Investor. In connection with the registration of
the Registrable Securities, the Investor shall have the following obligations:

         (a)  It is a condition precedent to the obligations of the Company to
complete the registration pursuant to this Agreement with respect to the
Registrable Securities of the Investor that the Investor shall furnish to the
Company such information regarding itself, the Registrable Securities held by
it and the intended method of disposition of the Registrable Securities held by
it as shall be reasonably required to effect the registration of such
Registrable Securities and shall execute such documents in connection with such
registration as shall be necessary for the foregoing and as the Company may
reasonably request. At least six (6) business days prior to the first
anticipated filing date of the Registration Statement, the Company shall notify
the Investor of the information the Company requires from the Investor (the
“Requested Information”) if any of the Investor’s Registrable Securities are
eligible for inclusion in the Registration Statement. If at least one (1)
business day prior to the filing date the Company has not received the
Requested Information from the Investor (a “Non-Responsive Investor”), then the
Company may file the Registration Statement without including Registrable
Securities of such Non-Responsive Investor but shall not be relieved of its
obligation to file a Registration Statement with the SEC relating to the
Registrable Securities of such Non-Responsive Investor promptly after such
Non-Responsive Investor provides the Requested Information;

         (b)  The Investor by acceptance of the Registrable Securities agrees to
cooperate with the Company as reasonably requested thereby in connection with
the preparation and filing of the Registration Statement hereunder, unless the
Investor has notified the Company in writing of the Investor’s election to
exclude all of the Investor’s Registrable Securities from the Registration
Statement;

         (c)  The Investor agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in Section 2(e) or 2(f),
the Investor will immediately discontinue disposition of Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities
until the Investor’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 2(e) or 2(f) and, if so directed by the
Company, the Investor shall deliver to the Company (at the expense of the
Company) or destroy (and deliver to the Company a certificate of destruction)
all copies in such Investor’s possession of the prospectus covering such
Registrable Securities current at the time of receipt of such notice, except
that each Investor may retain one (1) copy of such prospectus solely for its
files; and

         (d)  The Investor agrees that it will not effect any disposition of the
Registrable Securities except as contemplated in the Registration Statement or
as is otherwise in compliance with applicable securities laws and that it will
promptly notify the Company of any material change in the information set forth
in the Registration Statement regarding the Investor’s plan of distribution.
The Investor agrees (a) to notify the Company in writing in the event that such
Investor enters into any material agreement with a broker or a dealer for the
sale of the Registrable Securities through a block trade,

 

 

special offering or exchange distribution and (b) in connection with such
agreement, to provide to the Company in writing the information necessary to
enable the Company to prepare, at the Company’s sole cost and expense, any
supplemental prospectus pursuant to Rule 424(c) under the Securities Act which
is required with respect to such transaction. In connection with any sale of
Registrable Securities which is made pursuant to the Registration Statement,
the Investor shall comply with the prospectus delivery requirements of the
Securities Act.

4.     Expenses of Registration. All reasonable expenses incurred in
effecting any registration pursuant to this Agreement, including, without
limitation, all registration, listing, qualification, and filing fees, printing
and accounting expenses, fees and disbursements of counsel for the Company,
shall be borne by the Company; provided, however, that the Investor shall pay
all brokerage and selling commissions and associated costs pertaining to the
sale of its Registrable Securities.

5.     Indemnification. In the event any Registrable Securities are included
in a Registration Statement under this Agreement:

         (a)  To the extent permitted by law, the Company will defend, indemnify and
hold harmless the Investor and its directors, officers, members, employees,
partners, agents, and each person who controls the Investor within the meaning
of the Securities Act or the Exchange Act (each, an “Indemnified Person”),
against any losses, claims, damages, liabilities or expenses (joint or several)
incurred (collectively, “Claims”) to which any of them may become subject under
the Securities Act, the Exchange Act or otherwise, insofar as such Claims (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon any of the following statements, omissions or
violations in the Registration Statement, or any post-effective amendment
thereof, or any prospectus included therein: (i) any untrue statement or
alleged untrue statement of a material fact contained in the Registration
Statement or any post-effective amendment thereof or the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, (ii) any untrue
statement or alleged untrue statement of a material fact contained in any
preliminary prospectus if used prior to the effective date of such Registration
Statement, or contained in the final prospectus (as amended or supplemented, if
the Company files any amendment thereof or supplement thereto with the SEC) or
the omission or alleged omission to state therein any material fact necessary
to make the statements made therein, in light of the circumstances under which
the statements therein were made, not misleading or (iii) any violation or
alleged violation by the Company of the Securities Act, the Exchange Act, any
state securities law or any other law, or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities law (the
matters in the foregoing clauses (i) through (iii) being, collectively,
“Violations”). Subject to the restrictions set forth in Section 5(d) with
respect to the number of legal counsel, the Company shall reimburse the
Indemnified Persons, promptly as such expenses are incurred and are due and
payable, for any legal fees or other reasonable expenses incurred by them in
connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein,

 

 

the indemnification agreement contained in this Section 5(a): (I) shall not
apply to a Claim arising out of or based upon a Violation which occurs in
reliance upon and in conformity with information furnished in writing to the
Company by any Indemnified Person expressly for use in connection with the
preparation of the Registration Statement, the prospectus or any such amendment
thereof or supplement thereto, if such prospectus was timely made available by
the Company pursuant to Section 2(c) hereof; (II) with respect to any
preliminary prospectus shall not inure to the benefit of any such person from
whom the person asserting any such Claim purchased the Registrable Securities
that are the subject thereof (or to the benefit of any person controlling such
person) if the untrue statement or omission of material fact contained in the
preliminary prospectus was corrected in the prospectus, as then amended or
supplemented, if such person was notified of such untrue statement or omission
such prospectus was timely made available by the Company pursuant to Section
2(c) hereof; and (III) shall not apply to amounts paid in settlement of any
Claim if such settlement is effected without the prior written consent of the
Company, which consent shall not be unreasonably withheld. Such indemnity
shall remain in full force and effect regardless of any investigation made by
or on behalf of the Indemnified Person.

         (b)  In connection with any Registration Statement in which the Investor is
participating, the Investor agrees to defend, indemnify and hold harmless, to
the same extent and in the same manner set forth in Section 5(a), the Company,
each of its directors, each of its officers who signs the Registration
Statement, each person, if any, who controls the Company within the meaning of
the Securities Act or the Exchange Act, any other shareholder selling
securities pursuant to the Registration Statement or any of its directors or
officers or any person who controls such shareholder within the meaning of the
Securities Act or the Exchange Act (collectively and together with an
Indemnified Person, an “Indemnified Party”), against any Claim to which any of
them may become subject, under the Securities Act, the Exchange Act or
otherwise, insofar as such Claim arises out of or is based upon any Violation,
in each case to the extent (and only to the extent) that such Violation occurs
in reliance upon and in conformity with written information furnished to the
Company by such Investor expressly for use in connection with such Registration
Statement; and such Investor will reimburse any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such Claim; provided, however, that the indemnity agreement contained in this
Section 5(b) shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of such Investor,
which consent shall not be unreasonably withheld. Notwithstanding anything to
the contrary contained herein, the indemnification agreement contained in this
Section 5(b) with respect to any preliminary prospectus shall not inure to the
benefit of any Indemnified Party if the untrue statement or omission of
material fact contained in the preliminary prospectus was corrected on a timely
basis in the prospectus, as then amended or supplemented. The obligation of
the Investor under this Section 5(b) shall not exceed the purchase price paid
by the Investor for the Registrable Securities.

         (c)  Promptly after receipt by an Indemnified Person or Indemnified Party
under this Section 5 of notice of the commencement of any action (including any

 

 

governmental action), such Indemnified Person or Indemnified Party shall, if a
Claim in respect thereof is to be made against any indemnifying party under
this Section 5, deliver to the indemnifying party a written notice of the
commencement thereof and the indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume and continue
control of the defense thereof with counsel selected by the indemnifying party
but reasonably acceptable to the Indemnified Person or the Indemnified Party,
as the case may be, and such indemnifying party shall diligently pursue such
defense; provided, however, that an Indemnified Person or Indemnified Party
shall have the right to retain its own counsel with the fees and expenses to be
paid by the indemnifying party, if, in the reasonable opinion of counsel
retained by the indemnifying party, the representation by such counsel of the
Indemnified Person or Indemnified Party and the indemnifying party would be
inappropriate due to actual or potential differing interests between such
Indemnified Person or Indemnified Party and any other party represented by such
counsel in such proceeding. In such event, the Company shall pay for only one
separate legal counsel for the Investors; such legal counsel shall be selected
by the Investors holding a majority in interest of the Registrable Securities
included in the Registration Statement to which the Claim relates. The failure
to deliver written notice to the indemnifying party within a reasonable time of
the commencement of any such action shall not relieve such indemnifying party
of any liability to the Indemnified Person or Indemnified Party under this
Section 5, except to the extent that the indemnifying party is prejudiced in
its ability to defend such action. The indemnification required by this
Section 5 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as such expense, loss, damage or
liability is incurred and is due and payable.

6.     Contribution. To the extent any indemnification by an indemnifying
party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would
otherwise be liable under Section 5 to the fullest extent permitted by law;
provided, however, that (a) no contribution shall be made under circumstances
where the maker would not have been liable for indemnification under the fault
standards set forth in Section 5, (b) no seller of Registrable Securities
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any seller of
Registrable Securities who was not guilty of such fraudulent misrepresentation
and (c) contribution by any seller of Registrable Securities shall be limited
in amount to the amount by which the net amount of proceeds received by such
seller from the sale of such Registrable Securities exceeds the purchase price
paid by such seller for such Registrable Securities.

7.     Reports under Exchange Act. With a view to making available to the
Investor the benefits of Rule 144, the Company agrees, during the Registration
Period, to:

         (a)  make and keep public information available, as those terms are
understood and defined in Rule 144;

 

 

         (b)  file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act; and

         (c)  furnish to the Investor so long as the Investor owns Registrable
Securities, promptly upon request, (i) a written statement by the Company that
it has complied with the reporting requirements of Rule 144, the Securities Act
and the Exchange Act, (ii) a copy of the most recent annual or quarterly report
of the Company and such other reports and documents so filed by the Company and
(iii) such other information as may be reasonably requested to permit the
Investor to sell such securities pursuant to Rule 144 without registration.

8.     Assignment of Registration Rights. The rights to have the Company
register Registrable Securities pursuant to this Agreement shall be
automatically assigned by the Investor to any transferee; provided, (a) ; the
Company is, within a reasonable time after such transfer or assignment,
furnished with written notice of (i) the name and address of such transferee or
assignee and (ii) the securities with respect to which such registration rights
are being transferred or assigned; (b) immediately following such transfer or
assignment the further disposition of such securities by the transferee or
assignee is restricted under the Securities Act; (c) at or before the time the
Company received the written notice contemplated by clause (a) of this
sentence, the transferee or assignee agrees in writing with the Company to be
bound by all of the provisions contained herein; (d) such transfer shall have
been made in accordance with the applicable provisions of the Purchase
Agreement; and (e) in the event the assignment occurs subsequent to the date of
effectiveness of the Registration Statement required to be filed pursuant to
Section 1(a), such assignee or transferee agrees to pay all reasonable expenses
of amending or supplementing such Registration Statement to reflect such
assignment. In connection with any such transfer the Company shall promptly
after such assignment take such actions as shall be reasonably required for the
Registration Statement and related prospectus to be available for use by such
transferee for sales of the Registrable Securities in respect of which the
rights to registration have been assigned.

9.     Amendment of Registration Rights. Any provision of this Agreement may
be amended and the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the
written consent of the Company and the Investor. Any amendment or waiver
effected in accordance with this Section 9 shall be binding upon the Investor
and the Company.

10.     Miscellaneous.

         (a)  A person or entity is deemed to be a holder of Registrable Securities
or Warrants whenever such person or entity owns of record such Registrable
Securities or Warrants. If the Company receives conflicting instructions,
notices or elections from two or more persons or entities with respect to the
same Registrable Securities or Warrants, the Company shall act upon the basis
of instructions, notice or election received from the registered owner of such
Registrable Securities or Warrants.

 

 

         (b)  Notices required or permitted to be given hereunder shall be in
writing and shall be deemed to be sufficiently given when personally delivered
(by hand or courier) or delivered by facsimile: (i) if to the Company, at 10579
Bradford Road, Suite 103, Littleton, Colorado 80127, Attention: Chief
Executive Officer, facsimile No. (303) 830-9094, with a copy to Stoel Rives
LLP, 900 SW Fifth Avenue, Portland, Oregon 97204, Attention: John J. Halle,
facsimile no. (503) 220-2480; and (ii) if to the Investors at their respective
addresses set forth on the Purchase Agreement; or at such other address as
each such party furnishes by notice given in accordance with this Section 9(b),
and shall be effective, when personally delivered, upon receipt, and when sent
by facsimile, upon receipt of confirmation of successful transmission.

         (c)  Failure of any party to exercise any right or remedy under this
Agreement or otherwise, or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof.

         (d)  This Agreement shall be enforced, governed by and construed in
accordance with the law of the State of New York applicable to agreements made
and to be performed entirely within such State. In the event that any
provision of this Agreement is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability
of any other provision hereof.

         (e)  This Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein. This Agreement supersedes all prior agreements and understandings
among the parties hereto with respect to the subject matter hereof.

         (f)  This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties hereto.

         (g)  All pronouns and any variations thereof refer to the masculine,
feminine or neuter, singular or plural, as the context may require.

         (h)  The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

         (i)  This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which shall constitute one and the
same agreement. This Agreement, once executed by a party, may be delivered to
the other party hereto by telephone line facsimile transmission of a copy of
this Agreement bearing the signature of the party so delivering this Agreement.

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
by their respective officers thereunto duly authorized as of day and year first
above written.

	 	 	 
	 	 	
GOLDEN STAR RESOURCES LTD.
	 
	 	 	
By:
	 
	 	 	
 

Name:  Peter J. Bradford

Title:  President
	 
	INVESTOR:	 	 
	 
	Name:	 	 
	 
	 

	 	 
	 
	By:	 	 
	 
	 

	 	 
	 
	Title:	 	 
	 
	 

	 	 
	 
	Address:	 	 
	 
	 

	 	 
	 
	 

	 	 
	 
	Telephone:	 	 
	 
	 

	 	 
	 
	Facsimile:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}]]