Business
Tesoro Minerals Announces Completion of Over-Subscribed Second Tranche of Private Placement
VANCOUVER, British Columbia, Oct. 24, 2019 (GLOBE NEWSWIRE) -- (TSX Venture: TES) – Tesoro Minerals Corp., ("Tesoro" or the "Company") is pleased to announce th
About this update from Tesoro Minerals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 24, 2019 (GLOBE NEWSWIRE) -- (TSX Venture: TES) – Tesoro Minerals Corp., (\"Tesoro\" or the \"Company\") is pleased to announce that, further to the Company's press releases of August 19, 2019 and September 20, 2019, it has completed a second tranche (the \"Second Tranche”) of its previously announced non-brokered private placement financing (the \"Private Placement\") raising aggregate gross proceeds of $55,000 by the issuance of 1,100,000 units (a \"Unit\") at $0.05 per Unit (all dollar amounts in CAD$). Each Unit consists of one common share (a \"Share\") and one transferable common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.10 per Share for a period of two years from the date hereof. On September 20, 2019, the Company previously closed a first tranche of the Private Placement for gross proceeds of $205,000. The Private Placement was originally to comprise an offering of up to 5,000,000 Units for gross proceeds of up to $250,000 however, the Company agreed to increase the size of the financing due to investor demand. In aggregate, the Company has issued 5,200,000 Units for total gross proceeds of $260,000 pursuant to the Private Placement. In connection with the Second Tranche, the Company paid a finder’s fee to Canaccord Genuity Corp. in respect of subscribers introduced to the Company, which consisted of a cash payment of $3,300. The net proceeds of the Private Placement, including those from the Second Tranche, are expected to be used by Tesoro for general working capital and operating expenses to support business efforts. All securities issued under the Second Tranche are subject to a four month and one-day restricted resale period expiring on February 25, 2020 in accordance with the policies of the TSX Venture Exchange and applicable securities laws. About Tesoro The Company has assembled a team of experienced geoscientists with extensive exploration experience in the Americas with the aim of acquiring other assets. For further information on the Company please contact Peter Tegart, President & CEO at [email protected] or at (604) 349-1244. On Behalf of the Board of Directors “Peter Tegart” Peter Tegart President & Chief Executive Officer Neith...