Tesoro Minerals Corp. Announces Shares For Debt Transaction
May 28 2014 - 9:27AM
Access Wire
Vancouver, BC / ACCESSWIRE /
May 28, 2014 / Tesoro Minerals
Corp. (the "Company")
(TSX-V: TES) announces that it has entered into shares for debt
agreements ("Agreements")
with each of six creditors of the Company pursuant to which the
Company has agreed to issue an aggregate of 4,005,264 common shares
("Shares") at a deemed price
of $0.10 per Share. The amount of indebtedness settled by the
Agreements is $441,741.91, which represents outstanding amounts for
services provided by the creditors to the Company. The Company
chose to settle this outstanding indebtedness with Shares as part
of its plans to move the Company forward and in order to preserve
its funds for operations.
The issuance of shares is subject to
the approval of the TSX Venture Exchange (the "Exchange"). The Company will issue the
Shares once the issuance has been approved by the Exchange.
About Tesoro
Minerals Corp.
Tesoro Minerals Corp. is a mineral
exploration company with major land positions in three of
Colombia's gold regions including Antioquia, Tolima-Quindio, and
Santander-Norte de Santander. The Company shares trade on the TSX
Venture Exchange under the symbol TES.
On Behalf of Tesoro Minerals
Corp.
"Peter
Tegart"
Peter Tegart, President and CEO
For further information contact
Peter Tegart by email at peter.tegart@gmail.com or 604-352-0699.
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.
This press release contains
certain forward looking statements which involve known and unknown
risks, delays and uncertainties not under the Company's control
which may cause actual results, performances or achievements of the
Company to be materially different from the results, performances
or expectations implied by these forward looking statements.
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.
SOURCE: Tesoro Minerals Corp
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