News & Press Releases

Batero Gold Corp. Closes Private Placement With CB Gold

Toronto, Ontario, November 5, 2015

Batero Gold Corp. ("Batero" or the "Company") (TSX-V: BAT) is pleased to announce that it has acquired 13,082,211 common shares ("Common Shares") of CB Gold Inc. ("CB Gold") at a price of $0.06 per share by way of private placement (the "Private Placement").

Private Placement Details

  • Shares acquired: 13,082,211 CB Gold common shares
  • Price per share: $0.06
  • Total investment: ~$784,933
  • Batero's total ownership: 83,020,237 shares (39%)

Ownership Structure

Including the Common Shares previously owned by Batero, the Company owns an aggregate of 83,020,237 Common Shares representing 39% of the issued and outstanding Common Shares of CB Gold. Red Eagle Mining Corporation ("Red Eagle") owns 51% of the Common Shares of CB Gold. Batero and Red Eagle plan to proportionally fund the development of the Vetas Gold Project.

Current CB Gold Ownership Structure

  • Red Eagle Mining: 51%
  • Batero Gold: 39%
  • Other shareholders: 10%

Development Plan: Batero and Red Eagle will proportionally fund the Vetas Gold Project development

Future Participation Rights

The Private Placement is part of a transaction under which Batero and CB Gold agreed that Batero will have the right to participate in future financings of CB Gold in order to maintain its pro-rata ownership interest. Batero acquired the Common Shares under the Private Placement for investment purposes only and may acquire additional Common Shares of CB Gold in the future.

Board Changes at CB Gold

As part of the transaction, the previous directors of CB Gold have resigned from the board and the CB Gold board now consists of:

  • Ian Slater (Red Eagle nominee)
  • Jay Sujir (Red Eagle nominee)
  • Tim Petterson (Red Eagle nominee)

Batero has the right to nominate directors to CB Gold's board in the future in proportion to its ownership interest.

🤝 Partnership for Vetas Development

This arrangement establishes a framework for Batero and Red Eagle to jointly develop the Vetas Gold Project, with both companies contributing proportionally to the development. Batero maintains significant influence with 39% ownership and board nomination rights.

For further information, please contact:

Michael Mills
Tel: 604.568.6378 or
Email: info@baterogold.com

About Batero

Batero is a precious and base metals exploration and development company focused on moving the La Cumbre oxide deposit toward a production decision. Once the appropriate level of study has been completed, Batero intends to target the near surface higher grade oxidized gold mineralization at the deposit. Batero is also pursuing opportunities to acquire prospective high-grade, production focused mineral properties in Colombia and Latin America. In pursuing these objectives, Batero plans to leverage its secure treasury position, strong regional relationships, experienced management team, and long-term financial partners. Common shares of the company trade on the TSXV under the symbol "BAT".

Forward-Looking Statements

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although Batero believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements.

Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements are subject to various known and unknown risks, uncertainties and other factors including risks relating to the completion of the transactions described herein, risks relating to property interests, the global economic climate, metal prices, dilution, environmental risks and non-governmental actions.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any 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, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered or an exemption from such registration is available.

Neither the 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.