Batero Gold Corp.
TSX VENTURE : BAT

Batero Gold Corp.

October 14, 2010 14:28 ET

Batero Gold Corp. Announces Closing of CDN$15,750,000 Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Batero Gold Corp. ("Batero" or the "Company) (TSX VENTURE:BAT) is pleased to announce the closing of its bought deal private placement with Canaccord Genuity Corp. (the "Underwriter") of 7,965,000 units (the "Units") at a price of CDN$1.60 per Unit for aggregate gross proceeds of CDN$12,744,000 (the "Offering"), previously announced on September 24, 2010.

Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to subscribe for one additional common share for a period of 24 months from the closing of the Offering at an exercise price of $2.35.

The Underwriter received a cash commission of 6% of the proceeds raised through the Offering and warrants ("Broker Warrants") equal to 6% of the Units issued through the Offering. Each Broker Warrant shall be exercisable to acquire one common share of the Company at an exercise price of $1.60 for a period of 24 months from closing. Securities issued under the Offering are subject to a hold period in Canada which will expire four months and one day from the date of closing.

In addition, the Company also announces the closing of a non-brokered private placement of 1,878,750 Units, for gross proceeds of CDN$3,006,000 under the same terms as above. A finders fee of CDN$120,000 will be paid in connection with the non-brokered private placement.

The Company intends to use the net proceeds raised under the Offering and the non-brokered private placement for exploration of the Batero-Quinchia Gold Project, Colombia and for general working capital purposes.

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

ON BEHALF OF THE BOARD OF BATERO GOLD CORP.

Brandon Rook, President & CEO

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words expects, plans, anticipates, believes, intends, estimates, projects, potential and similar expressions, or that events or conditions will, would, may, could or should occur. Although the Company 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 may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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.

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