Tesoro Minerals Corp. Announces Closing of First Tranche of Private Placement and Increase in Size of the Offering
December 18 2013 - 7:00AM
Marketwired
Tesoro Minerals Corp. Announces Closing of First Tranche of Private
Placement and Increase in Size of the Offering
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 18, 2013) -
Tesoro Minerals Corp. (the "Company") (TSX-VENTURE:TES) is pleased
to announce it has closed the first tranche (the "First Tranche")
of a non-brokered private placement previously announced on
November 25, 2013 (the "Offering").
The Company is also pleased to announce that it has increased
the size of the Offering from the previously announced $1,300,000
to total gross proceeds of up to $1,800,000.
The Offering is expected to be comprised of up to 18,000,000
units ("Units") at a price of 0.10 per Unit for gross proceeds of
up to $1,800,000. Each Unit will comprise one common share ("Common
Share") and one common share purchase warrant (the "Warrants").
Each Warrant will entitle the holder to purchase one additional
Common Share at a price of $0.20 per Common Share for the first
year from the date of issue, and at an additional $0.05 per Common
Share for each subsequent year until the expiry of the Warrants
five years after the date of issue.
The First Tranche comprised 4,550,000 Units. The Company paid
finder's fees for the First Tranche of 7% cash and 7% Broker
Warrants for a total of 318,500 Broker Warrants.
The Common Shares issued in the First Tranche and the Common
Shares to be issued pursuant to the exercise of the Warrants and
Broker Warrants are all subject to a hold period expiring on April
18, 2014.
Completion of the First Tranche and the Offering is subject to
the final approval of the TSX Venture Exchange.
The net proceeds from the First Tranche and the Offering will be
used for the further evaluation of the Company's gold exploration
projects in Colombia and for general corporate purposes.
About Tesoro Minerals Corp.
Tesoro Minerals Corp. (TSX-VENTURE:TES) is a mineral exploration
company with major land positions in three of Colombia's most
prolific gold regions including Antioquia, Tolima-Quindio, and
Santander-Norte de Santander. The Company has assembled a team of
experienced geoscientists with extensive exploration experience in
the Americas with the aims of advancing its assets towards
discovery.
On Behalf of Tesoro Minerals Corp.
Peter Tegart, President and CEO
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.
Tesoro Minerals Corp.Peter Tegartpeter.tegart@gmail.com
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