Newly-listed Batero Gold (BAT-V) shares spiked more than 300% today after completing a $5.3 million financing and qualifying transaction – the acquisition of a gold project in Colombia.
Batero shares jumped 54¢ to 70¢ apiece on a trading volume of 387,000 shares. The company has 19.3 million shares outstanding.
The financings were completed through a short-form offering document and a brokered private placement and non-brokered private placement.
Batero issued four million units at 50¢ apiece for gross proceeds of $2 million. Each unit consisted of one share and one warrant exercisable at 75¢.
For the brokered private placement Batero issued another 4.6 million shares at 50¢ per unite amounting to $2.3 million.
And finally Batero issued another two million units at 50¢ apiece for $1 million.
Batero changed its name from Angus Resources on July 19.
The company has paid $2.2 million for the 14 sq. km Quinchia gold project located 55 km north of Pereira, Colombia, and agreed to spend $5 million over four years.
The company says 15 holes have been drilled there to an average depth of 250 metres.
The focus for now will be the La Cubre target where a 210-metre-intercept averaged 0.8 gram gold per tonne and 0.15% copper.
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