News & Press Releases
Red Eagle - Allegations Dismissed By BCSC - Batero - Bid Remains Significantly Higher
Toronto, Ontario, September 11, 2015
Batero Gold Corp. ("Batero" or the "Company") (TSX-V: BAT) is pleased to announce that today the British Columbia Securities Commission (the "Commission") issued its order ("Order") dismissing allegations made by Red Eagle Mining Corporation ("Red Eagle") in connection with Batero's higher take-over bid (the "Batero Offer") for all issued and outstanding common shares (the "CBJ Common Shares") of CB Gold Inc. ("CB Gold").
BCSC Decision Highlights
- ✓ Red Eagle's application to cease trade the Batero Offer - DISMISSED
- ✓ Red Eagle's application to reverse private placement - DISMISSED
- ✓ CB Gold Shareholder Rights Plan (SRP) terminated
- Batero Offer remains over 20% higher than Red Eagle bid
Commission Order Details
Pursuant to the Order, the Commission dismissed Red Eagle's application to cease trade the superior Batero Offer as well as Red Eagle's application to reverse and cease trade the CBJ Common Shares issued to Batero under the private placement of June 23, 2015. While having the CB Gold Shareholder Rights Plan ("SRP") served its purpose, the Commission also allowed the termination of the SRP effectively immediately.
Urgent Action Required for CB Gold Shareholders
CB Gold shareholders who have tendered to Red Eagle should immediately WITHDRAW their shares from Red Eagle's lower take-over bid and TENDER to the significantly higher Batero Offer. Red Eagle has been exposed for its desperate tactics of trying to mislead CB Gold shareholders. As of today's close, the Batero Offer remains well over 20% above the Red Eagle bid and offers CB Gold shareholders the choice of receiving cash or shares.
⚠️ Time is of the Essence
Red Eagle's bid expiry time: 4:00 p.m. (Toronto time) on Monday, September 14, 2015
CB Gold shareholders tendering to the Red Eagle bid would be leaving money on the table by being precluded from participating in the higher Batero offer.
Batero Offer Details
The Batero Offer remains open for acceptance until 11:59 p.m. on September 18, 2015. As outlined in Batero's Notice of Variation and Extension dated September 8, 2015 (the "Notice") in respect of the Batero Offer, CB Gold shareholders who tender to the Batero Offer will be entitled to receive at their option for each CBJ Common Share either:
- $0.06 in cash, or
- 0.8 of a Batero common share
In each case, subject to proration. The Batero Offer provides CB Gold shareholders far superior value than the Red Eagle Offer with a significant cash component and participation in the upside of Batero's projects.
How to Tender CB Gold Common Shares to the Batero Offer
All questions regarding the Batero Offer and how to tender CBJ Common Shares to the Batero Offer should be directed to:
Kingsdale Shareholder Services
(Information Agent and Depositary)
North American Toll-Free: 1-866-581-0506
Collect Calls Outside North America: 416-867-2272
Facsimile: 416-867-2271
Email: contactus@kingsdaleshareholder.com
Shareholders should also contact Kingsdale Shareholder Services for assistance if they have tendered their CBJ Common Shares to the Red Eagle Offer in order to WITHDRAW them immediately.
For further information about Batero, please contact:
Michael Mills
Tel: 604.568.6378 or
Email: info@baterogold.com
Address: 2 Toronto Street, Suite 230
Toronto, Ontario M5C 2B5
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 Vancouver-based 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 purchase of CBJ Common Shares, risks relating to the price of CBJ Common Shares, 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.