Tesoro Minerals Upsizes Private Placement to $750,000
News related to:Tesoro Minerals Corp · 2 min read
Tesoro Minerals Corp., a junior exploration company based in Vancouver, British Columbia, has announced an upsizing of its private placement from an initial $600,000 to a total of $750,000. The company aims to raise the additional capital to advance its exploration efforts at the Rumichaca and Cerro Macho properties in Peru.
According to Scott McLean, the President and CEO of Tesoro Minerals Corp., the company has received additional investor interest following the initial announcement of the private placement. This increased interest prompted the company to increase the size of the financing to $750,000, which will be raised through the sale of up to 7,500,000 common shares at a price of $0.10 per share.
The net proceeds from the private placement will be used to fund various exploration activities at the Rumichaca and Cerro Macho properties. These activities include initial fieldwork, data compilation, geological mapping and sampling, and IP ground geophysical surveys. Additionally, the funds will be allocated to community and social engagement activities, as well as general working capital and corporate purposes.
McLean stated, "We are pleased to see the positive response from our investors and are excited to continue advancing our exploration programs in Peru. The additional capital will allow us to expand our efforts and increase our chances of discovering valuable mineral resources."
A finder's fee may be payable in cash on a portion of the private placement, up to 6% of the gross proceeds raised from certain purchasers, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
The private placement remains subject to certain customary closing conditions, including the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The company may close the private placement in one or more tranches.
All shares issued pursuant to the private placement will be subject to a four-month and one-day hold period from the applicable date of issuance, in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange.
Tesoro Minerals Corp. is focused on the discovery and advancement of high-quality precious and base metal projects in Peru. The company leverages strong in-country expertise and a disciplined, value-accretive approach to project acquisition and exploration.