Batero Gold Corp. Announces C$6.3 Million
Bought Deal Private Placement Equity Financing
Batero Gold Corp. ("Batero" or the "Company") (TSX-V: BAT) is pleased to announce that it has
entered into an agreement with CanaccordGenuity Corp.
(the "Underwriter"), to sell up to 3,000,000 units (the
"Units") on a private placement bought deal basis at a price of
C$2.10 per Unit for aggregate gross proceeds of C$6,300,000 (the
Each Unit shall consist of one common share of the Company and one half of one
common share purchase warrant (each whole warrant, a "Warrant"). Each
Warrant shall be exercisable into one common share of the Company for a period
of 24 months from closing at an exercise price of C$2.45.
The Underwriter will receive a cash commission on the sale of the Units equal
to 6% of the gross proceeds raised and broker warrants ("Broker
Warrants") equal to 6% of the Units issued pursuant to the Offering. Each
Broker Warrant shall be exercisable for one common share of the Company at a
price of C$2.45 at any time up to 24 months after closing.
The Company intends to use the net proceeds raised under the Offering for
exploration of the Batero-Quinchia Gold Project, Colombia
and for general working capital purposes.
The Offering is scheduled to close on or about November 24, 2011 and is subject
to certain conditions including, but not limited to, receipt of all required
regulatory approvals. The securities issued by Batero
in connection with this Offering are subject to a four month "hold
period" as prescribed by the TSX Venture Exchange and applicable
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S. Persons
unless registered under the U.S. Securities Act and applicable state securities
laws or an exemption from such registration is available.
ON BEHALF OF THE BOARD OF
BATERO GOLD CORP.
President & CEO
Batero Gold Corp.