News Feed Item

Affiliates of Consorcio Minero Horizonte S.A. Acquire Shares and Warrants of Batero Gold Corp. Upon Conversion of Subscription Receipts

LIMA, PERU -- (Marketwire) -- 01/07/13 -- Consorcio Minero Horizonte S.A. ("CMH") announced that on January 4, 2013, Michelle Navarro Grau, Thessa Navarro Grau and Rafael Navarro Grau (the "Subscribers", and together with CMH, the "CMH Group") acquired 18,456,000 common shares ("Common Shares") and 5,000,000 common share purchase warrants ("Warrants") of Batero Gold Corp ("Batero") upon the conversion of subscription receipts ("Subscription Receipts") of Batero. As previously announced, on December 13, 2012, the Subscribers acquired by means of private placement: (i) 8,913,000 Common Shares at a price per share of $0.65, and (ii) the 18,456,000 Subscription Receipts at a price per Subscription Receipt of $0.65 (the "Private Placement"). The Subscription Receipts were convertible, without any further action by the Subscribers, into an aggregate 18,456,000 Common Shares and 5,000,000 Warrants upon satisfaction of certain escrow release conditions, including, among others, the approval of the shareholders of Batero to the creation of a new "control person" (as such term is defined by the policies of the TSXV) upon the conversion of the Subscription Receipts. Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of $0.90 per share at any time until the date that is 36 months from the date of the issuance of the Subscription Receipts. The Private Placement was affected pursuant to the previously announced subscription agreement dated November 28, 2012 entered into among the Subscribers, CMH and Batero.

Immediately following the issuance of the 18,456,000 Common Shares and the 5,000,000 Warrants upon the conversion of the Subscription Receipts, the Subscribers may be considered to have beneficial ownership of, and control and direction over, directly or indirectly:

i.  an aggregate 31,634,000 Common Shares (including 4,265,000 Common Shares
    beneficially owned, or over which control or direction, direct or
    indirect, was exercised by the Subscribers prior to completing the
    Private Placement), or approximately 35.0% of the Common Shares
    outstanding at such time; or 
ii. an aggregate 38,134,000 Common Shares, or approximately 39.4% of the
    Common Shares that would have be outstanding at such time assuming the
    issuance of all 6,500,000 Common Shares for which the Warrants may be

1,500,000 of the Warrants that the Subscribers beneficially own, and over which they exercise control or direction, directly or indirectly, were acquired prior to completion of the Private Placement and will expire on April 26, 2014.

For purposes of calculating percentages of Common Shares beneficially owned or over which control or direction is exercised, directly or indirectly, the CMH Group has assumed that there were 96,881,794 Common Shares outstanding as of the date hereof (assuming the exercise of all Warrants that are the subject of this news release), and assuming that there were 71,925,794 Common Shares outstanding as at December 18, 2012 (without giving effect to the issuance of any Common Shares upon the conversion of the Subscription Receipts or upon the exercise of Warrants) as disclosed by Batero in its Management's Discussion & Analysis for the year ended August 31, 2012 filed on SEDAR on December 20, 2012.

Other Information

The Subscribers acquired beneficial ownership, and control or direction, directly or indirectly, of the Common Shares that are the subject of this news release for investment purposes. In connection with Private Placement, Batero and the CMH Group entered into a strategic alliance agreement dated November 28, 2012 (the "Strategic Alliance Agreement"), the terms of which are described in the report filed by the Subscribers at www.sedar.com under the profile for Batero. Through the strategic alliance the CMH Group and Batero intend to jointly explore Batero's Batero-Quinchia Project and evaluate the feasibility of bringing the project into production.

The CMH Group intends to review the Subscribers' investment in Batero on a continuing basis. Depending on various factors including, without limitation, Batero's financial position, the price levels of the Common Shares, conditions in the securities markets and general economic and industry conditions, Batero's business or financial condition and other factors and conditions the CMH Group deems appropriate from time to time, the CMH Group may in the future take such actions with respect to the CMH Group members' investment in Batero as the CMH Group deems appropriate including, without limitation, making proposals to Batero concerning changes to the capitalization, board of directors, ownership structure or operations of Batero, acquiring Common Shares or selling or otherwise disposing of some or all of the Common Shares held by any of them. In addition, the CMH Group may formulate other purposes, plans or proposals regarding Batero or any of Batero's securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors or may change its intention with respect to any and all matters referred to above.

Pursuant to the terms of the Strategic Alliance Agreement, the CMH Group is at the date of this news release entitled to nominate two directors to the Board of Directors of Batero. The CMH Group has initially nominated as directors Felix Navarro-Grau and Ernesto Bendezu.

Neither the dissemination over the news wires of this news release nor the filing with applicable securities commissions of the related early warning report in connection with the matters disclosed herein in accordance with applicable Canadian securities laws is an admission that any individual or entity named or referred to in this news release owns or controls any described securities or is a joint actor with another individual or entity named or referred to in this report.

The CMH Group's address is set out below. For further information, including to obtain a copy of the report filed by the Subscribers in accordance with applicable Canadian securities laws, contact the CMH Group at the address specified below or its Canadian counsel at the number specified below.

Consorcio Minero Horizonte S.A.
Jr. Crane 102
San Borja, Lima 41, Peru
Attn: Ernesto Bendezu
+51 (1) 618-1004

Contact CMH's Canadian counsel at:
+1 (416) 865-4404

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue an...
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
OnProcess Technology has announced it will be a featured speaker at @ThingsExpo, taking place November 1 - 3, 2016, in Santa Clara, California. Dan Gettens, OnProcess’ Chief Analytics Officer, will discuss how Internet of Things (IoT) data can be leveraged to predict product failures, improve uptime and slash costly inventory stock. @ThingsExpo is an annual gathering of IoT and cloud developers, practitioners and thought-leaders who exchange ideas and insights on topics ranging from Big Data in...
As companies adopt the cloud-to-streamline workflow, deployment hasn’t been very seamless because of IT concerns surrounding security risks. The cloud offers many benefits, but protecting and securing information can be tricky across multiple cloud providers and remains IT’s overall responsibility. In his session at 19th Cloud Expo, Simon Bain, CEO of SearchYourCloud, will address security compliance issues associated with cloud applications and how document-level encryption is critical for sup...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today that Impiger Technologies will exhibit in Booth #109 at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Impiger Technologies is a world-class, enterprise software product engineering company specializing in Mobile Application Development, Cloud Applications, Microsoft Technology Solutions, Web Technology and Telecom Services. Impiger Technologies helps enterprises improve busi...
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...