Vancouver, British Columbia; December 9, 2009 -- Keegan Resources Inc. ("Keegan") -- Keegan is pleased to announce the closing of the previously announced bought deal share offering of 6,100,000 common shares at an issue price of $5.90 per share, led by Dundee Securities Corporation with a syndicate of underwriters, including Clarus Securities Inc. and Canaccord Financial Ltd. (the "Underwriters"). The Underwriters have exercised the over-allotment option of an additional 915,000 common shares, bringing the total aggregate gross proceeds raised under the offering to $41,388,500.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

For more information please visit Keegan's website at www.keeganresources.com or contact investor relations at 604-683-8193 or info@keeganresources.com.