Canada-based Batero Gold (CVE:BAT) announced Monday that it has obtained a receipt for its final short form prospectus filed in the provinces of British Columbia, Alberta and Ontario.
The prospectus qualifies the distribution of 9,714,700 company units
issuable upon the automatic exercise of 9,714,700 previously issued
Each unit consists of one common share and one-half of one common share purchase warrant of Batero Gold. Each warrant entitles the holder to acquire one common share at a cost of 90 cents per share, until April 26, 2014.
The company reported at the end of April that it had closed an
oversubscribed special warrant financing co-led by Raymond James and
It also completed a non-brokered special warrant financing on the same terms as the brokered financing.
therefore, issued a total of 9.7 million special warrants at a price of
65 Canadian cents each, for total proceeds of $6.3 million.
Under the brokered financing, the company issued 9.1 million special
warrants for proceeds of C$5.9 million, and 600,000 special warrants as
part of the non-brokered financing for proceeds of C$390,000.
The company said the new funds will be used to advance its Quinchia
project in Colombia, within a planned preliminary economic assessment,
including additional drilling and metallurgical work, and for working
capital and general corporate purposes.
Quinchia gold project is located within the Middle Cauca Belt in
Colombia. The Quinchia project is host to 3.5 million ounces of gold in
the indicated resource category (248.5 million tonnes averaging 0.44 g/t
gold ) and 2.6 million ounce of gold in the inferred mineral resource
category (242.4 million tonnes averaging 0.33 g/t gold).
Batero’s La Cumbre porphyry deposit is located in the southern area
of the Quinchia project, and will be the company’s focus for growth in
The project has significant exploration potential as more than 70 per cent of Quinchia is unexplored.
In late March, Batero unveiled information on the oxide resource
potential and metallurgical test work contained in its NI 43-101
compliant technical report recently filed for the Batero-Quinchia
As part of Batero’s planned 2012 work program to evaluate the
potential of a high grade development option at the La Cumbre porphyry
deposit, the company said it will look to improve project economics
through low cost heap leach mineral processing.
Batero's $8 million, 12-month work program for the project in 2012
includes 15,000 metres of drilling, and an updated resource estimate
within a PEA for the La Cumbre area of the property.