Batero Announces Conversion of Subscription Receipts and New Board Appointments
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/07/13 -- Batero Gold Corp. (TSX VENTURE: BAT) ("Batero" or "the Company") is pleased to announce that the escrowed proceeds from the offering of subscription receipts that was completed by the Company on December 13, 2012, in the amount of $12,003,614 (including all accrued interest), have been released from escrow to the Company following the satisfaction of the escrow release conditions. Concurrently, the 18,456,000 subscription receipts held by certain shareholders of Consorcio Minero Horizonte S.A. ("Horizonte" and together with its affiliates and shareholders, the "Horizonte Group") have been converted into an equal number of common shares and 5,000,000 common share purchase warrants (the "Subscription Receipt Conversion"). As a result of the Subscription Receipt Conversion, the Horizonte Group now owns or controls approximately 35% of Batero's issued and outstanding shares.
In connection with the Subscription Receipt Conversion, the Horizonte Group has exercised its right to appoint two nominees to the board of directors of the Company (the "Board"). Felix Navarro-Grau Hurtado and Ernesto Bendezu Flores, nominees of the Horizonte Group, have been appointed to the Board. Juan David Uribe, a new nominee of the Company, has also been appointed to the Board. Nick Demare, Leonard Harris, and Darrell Podowski have resigned from the Board. The reconstituted Board now consists of Brandon Rook, Darryl Lindsay, Felix Navarro-Grau Hurtado, Ernesto Bendezu Flores, and Juan David Uribe. The new appointments are subject to the approval of the TSX Venture Exchange.
"On behalf of the Board, we are happy to welcome Felix Navarro-Grau Hurtado, Ernesto Bendezu Flores, and Juan David Uribe to the Board. Their collective extensive mining and business experience are expected to greatly benefit Batero and its shareholders. We would also like to thank Nick Demare, Leonard Harris, and Darrell Podowski, who have resigned from the Board to accommodate the new appointments, for their past efforts" stated Brandon Rook, President, CEO and Director of the Company.
The biographies for the newly appointed members of the Board are as follows:
Felix Navarro-Grau Hurtado:
Mr. Navarro-Grau has been the General Manager of Desafio Minero S.A.C., an affiliate of Horizonte, since August of 2010. Mr. Navarro-Grau has also served as a Director of Antioquia Gold Inc. since August of 2010, and is also a director of several private companies that form part of the Navarro Grau group, including Horizonte. Mr. Navarro Grau has a B.Sc. in Economics from Universidad del Pacifico in Lima, Peru, and has specialized studies in finance and business administration, with 17 years of experience in the mining sector. He has been in charge of developing the mining business of Consorcio Minero Horizonte S.A., the fifth largest gold producer (second underground) in Peru with production in excess of 200,000 ounces a year and a consolidated group of mining properties under exploration. Mr. Navarro Grau has served as director of the Mining Engineers Institute of Peru, the National Mining Society of Peru and has been president of the XXIX Mining Convention of Peru - PERUMIN. Mr. Navarro Grau is a resident of Lima, Peru.
Ernesto Bendezu Flores
Mr. Bendezu Flores is a qualified lawyer in Peru with more than 20 years of mining experience, having worked in both public and private sectors. He is currently Legal Manager for Consorcio Minero Horizonte S.A., a position he has held since May of 1998. Mr. Bendezu has also served as a Director of Antioquia Gold Inc. since June of 2011. Mr. Bendezu is a resident of Lima, Peru.
Juan David Uribe
Mr. Uribe is a Senior Partner of the law firm of Uribe Trias Valencia S.A.S., practicing mainly in the natural resource and corporate law sectors. Previously, Mr. Uribe served as Corporate Counsel for TVX Colombia, Newcrest, Hewlett Packard Company and Agilent Technologies, among other multinational corporations with a presence in Colombia. He is currently the Trial Counsel for Philips Electronics North America Corporation. For more than ten years, he was an executive in the Colombian Financial sector working as a Board Member of QBE Insurance Company, Senior Credit VB of Banco Latino, Colombia, and as National Credit Manager of Caja de Credito Agrario Industrial y Minero, among others. Mr. Uribe has a Law Degree and a Master in Commerce Law from Universidad de Los Andes, Bogota D.C.
For further details about the subscription receipts and related transactions with the Horizonte Group, see the Company's news releases dated November 1, November 29, December 13 and December 31, 2012 and the Company's management information circular dated November 30, 2012 prepared in connection with the Company's annual general and special meeting of shareholders held on December 31, 2012, which are available on www.sedar.com.
The subscription receipts and the underlying shares and warrants have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.
About Batero Gold
Batero Gold Corp. is a Vancouver-based precious and base metals exploration and development company focused on its 100% owned Batero-Quinchia Project in the Quinchia district of Colombia's emerging Mid-Cauca porphyry gold and copper belt. The Company is evaluating the most efficient mine scenario at the La Cumbre deposit, one of three porphyry deposits at the Batero-Quinchia Project. Batero plans to leverage its strong management team, regional relationships, and strategic partnership to develop Colombia's next major mining venture.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Brandon Rook, President & CEO
FORWARD LOOKING STATEMENTS:
Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information." Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the need for additional capital by the Company through financings in order to continue its operations and the planned exploration and development of the Batero-Quinchia Project, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Batero-Quinchia Project; the effect of changes in commodity prices; regulatory risks that development of the Batero-Quinchia Project will not be acceptable for social, environmental or other reasons and the efforts and abilities of the senior management team. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Batero Gold Corp.
604.568.6378
info@baterogold.com
www.baterogold.com