diff --git a/source/common/version.h b/source/common/version.h
index 86d9df5f326..244ea3317c6 100644
--- a/source/common/version.h
+++ b/source/common/version.h
@@ -41,16 +41,16 @@ const char *GetVersionString();
 
 /** Lots of different version numbers **/
 
-#define VERSIONSTR "0.4.5 alpha"
+#define VERSIONSTR "0.5.0 alpha"
 
 // The version as seen in the Windows resource
-#define RC_FILEVERSION 0,4,5,0
-#define RC_PRODUCTVERSION 0,4,5,0
+#define RC_FILEVERSION 0,5,0,0
+#define RC_PRODUCTVERSION 0,5,9,0
 #define RC_PRODUCTVERSION2 VERSIONSTR
 // These are for content versioning.
 #define VER_MAJOR 0
-#define VER_MINOR 4
-#define VER_REVISION 5
+#define VER_MINOR 5
+#define VER_REVISION 0
 
 // More stuff that needs to be different for derivatives.
 #define GAMENAME "Raze"